Financially, 2020 will go down as the worst year in the history of aviation, according to Alexandre de Juniac, director general and CEO of the International Air Transport Association.

IATA's financial outlook for the global air transport industry, also released on Tuesday, forecasts expected to losses totally $84.3 billion in 2020 for a net profit margin of -20.1%.

In April, global air travel was roughly 95% below 2019 levels, but there are indications that traffic is slowly improving.

Furthermore, due to capacity taking time to be rebuilt, the industry body expects a 40.4% decline for the year.

IATA foresees that, although losses will be significantly reduced in 2021 from 2020 levels, the industry’s recovery is expected to be long and challenging due to factors including debt levels, the need for social distancing, the recession and an expected phased return of greater travel confidence from domestic to regional and then international.