According to the International Air Transport Association (IATA), global airlines lost a collective $126.4 billion in 2020. Airline passenger volumes dropped 66% for the year. Airline companies are drastically reducing total numbers of flights and retiring older aircraft. For example, British Airways, Qantas and Virgin Atlantic are retiring their fleets of Boeing 747s due to age as well as engines that are not fuel efficient. Delta is retiring its fleet of Boeing 777s by the end of 2020. American Airlines plans to place its Airbus A330-200 planes into long-term storage until at least 2022. In countries around the world, governments stepped up to subsidize airlines, but the support will be finite. In the U.S., many airlines are expected to conduct major layoffs starting October 1, 2020 when federal support under the CARES Act of 2020 stops. (Plans could change if further federal funding emerges.) American Airlines announced plans to cut 19,000 jobs at that time, including thousands of pilots and about 8,100 flight attendants. This is a huge shift from 2019, where the industry was concerned about a looming shortage of qualified pilots.
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