The unrelenting spread and effects of the deadly Coronavirus have prompted the US airline industry to seek a bailout from the government to the tune of USD 60 billion. This is three times the bailout secured after the 9/11 terror attacks in 2001.
As per reports, the industry is in talks with the Trump Administration and the US Congress and this bailout could involve government-approved bail outs, tax concessions and long-term loans amongst others.
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Airlines are asking for an immediate USD 29 billion dollars in direct assistance and a further deferred payment of taxes, excise and other payments worth a total of another USD 29 billion till March 2021.
Further, airlines are also seeking cancellation of various airport charges and relaxation of various norms related to emission standards and others.
Over 60 airlines operate out of the US.
Airports themselves have asked for assistance worth USD 10 billion in the view of a steep fall in the number of passengers who have cancelled their trips and also fresh bookings– even those related to domestic travel–have reduced.
With over 100 nations across the world implementing travel restrictions, the civil aviation industry is reeling under pressure and many players are staring at bankruptcy in case they fail to receive financial assistance from their governments.