An almost empty British Airways passenger plane flies from Milan to London on March 5, 2020 in Milan, Italy. ( Photo by Laurel Chor/Getty Images ) LOS ANGELES - Airlines are slashing flights, offering change fee waivers to customers and freezing hiring as they experience a sharp drop in bookings and a rise in cancellations in the face of the spreading coronavirus.
The International Air Transport Association, an airline trade group, estimates that the outbreak could reduce carriers’ revenue by between $63 billion and $113 billion depending on how far it spreads.
The same group said the terror attacks in 2001, which devastated the U.S. airline industry but had less impact overseas, cut revenue by about $20 billion. RELATED: Should you cancel