The Strategist

Boeing is asking for $ 60 billion to help the airline industry

03/18/2020 - 08:49

Boeing advocates for the US government to provide at least $ 60 billion to support the aerospace industry, a statement the organization’s website reads. In particular, the support should be implemented in the form of loan guarantees, the company noted.

The Lamb Family via flickr
The Lamb Family via flickr
“This will be one of the most important ways to help airlines, airports, suppliers and manufacturers recover (amid falling passenger traffic due to coronavirus),” the statement notes.

According to the company, the long-term prospects of the industry are still good. However, measures are needed to support the industry and the economy as a whole until passenger traffic is restored to normal levels.

Earlier, Airlines for America (A4A), a trade association, said that US airlines, which have suffered billions in losses due to the coronavirus epidemic, turned to the government for help. According to sources in The Wall Street Journal, companies are hoping to receive about $ 50 billion from the state in total. US Treasury Secretary Steven Mnuchin said the consequences of the new coronavirus pandemic were more serious for civil aviation than the consequences of the September 11, 2001 attacks. “The aviation industry has virtually stopped,” he said.

Recall, March 5, the International Air Transport Association updated its forecast on the degree of impact of the pandemic on the industry. According to a new report, due to the spread of COVID-19, airlines will miss at least $ 63 billion by the end of 2020. With the wide spread of the virus, losses could reach $ 113 billion.