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The Coronavirus Crisis Could Wipe Out Entire Industries. These 5 Are at Risk

The Coronavirus Crisis Could Wipe Out Entire Industries. These 5 Are at Risk

Airlines

This is the worst it’s ever been for the airlines, even after 9/11, Bloomberg reported. It will be survival of the fittest. Most will go bankrupt by the end of May if they can’t get a bailout, Sydney-based CAPA Centre for Aviation said.

U.S. airlines have cut international capacity by as much as 80-to-90 percent for April and May, but are required to keep flying “ghost planes” under the terms of the U.S. CARES Act coronavirus federal stimulus package.

Provisions of the bailout package for airlines include payroll grants to keep employee paychecks stable and loans to help offset negative cash flow.

About $58 billion is allocated to help airlines stay open. That includes $25 billion for passenger air carriers, up to $4 billion for cargo air carriers, and up to $3 billion for airline contractors.

“There’s a better option than a taxpayer bailout for airlines,” columnist Catherine Rampell wrote for the Washington Post. “It’s bankruptcy.”