Issue Overview

European Recovery Derailed

European Recovery Derailed

October 11th, 2020 at 9:40 PM EDT
4 min read

Issue Overview

Buckle up, everyone. It’s time for third-quarter earnings season, starting with Delta on Tuesday. The dominant theme across the industry, of course, will be the Covid crisis, and its ongoing decimation of travel demand. Seven months into the crisis — longer if you start from its origins in China — international demand is still largely a big zero. America’s domestic recovery leveled off at a fraction of normal. Internal demand within Europe is sadly trending similarly. The domestic skies are getting busy again in China, Vietnam, and a few other East Asian countries. Same for Russia, and to a lesser extent Brazil. Even where traffic is recovering, however, airlines aren’t earning nearly enough to arrest heavy losses. Not with sharply lower fares. And not without any contribution from international. 

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