Cash is King:
Aviation in Crisis — March 2020

The speed at which the Coronavirus pandemic has developed world-wide has taken all but the most experienced epidemiologists by surprise. In a matter of only a few weeks the world’s economy has come to a sudden halt, extreme travel restrictions have effectively closed the borders to international travel — countries representing over 90% of air transport revenues are in lock-down — and the whole airline industry is in the process of closing down.

In the early stages of the crisis we, in common with other observers, likened its effects to a combination of the last three disruptive forces to face the industry — September 11, SARS and the Global Financial Crisis. But now, it is starting to look like a form of an apocalyptic World War III — with 185 countries involved (so far) and each with their own internal theatre of war.