DUBLIN: The outbreak of the coronavirus has dealt a shock to the global economy with unprecedented speed and aviation industry has been one of the worst casualties, teetering on the edge as travel demand crawls to a near standstill but costs remain.

Ryanair plans to cut as many as 3,000 jobs and close bases in Europe amid the collapse of travel due to the pandemic.

The budget airline announced a restructuring program Friday that includes plans for unpaid leave and pay cuts of as much as 20 per cent.

It will operate less than 1pc of its flights from April to June.

Boeing says that because it raised $25 billion from a sale of bonds it doesn’t plan to ask the federal government for a loan.

Published in Dawn, May 2nd, 2020