The year 2020 will be remembered as the year of unprecedented losses, especially for the airline industry that was challenged for its survival. With costs cut by 45.8%, revenues down by 60.9%, and a resulting net loss of $118.5 billion1 , airline leaders point out that the current crisis has retracted the industry to levels multi-folds worse than the previous largest sink—the 9/11 aftermath. There were brief reprieves in demand like the one seen in June-Aug 2020, but airlines foresee a slow yet sure return, strewn with various casualties and massive structural changes.
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