Global airlines will lose US$314 billion in revenue due to the coronavirus pandemic in 2020 according to a forecast from the industry’s representative body IATA, which raised its estimate from the $252 billion figure given on March 24.

The $314 billion represents a 55% fall in passenger revenues compared to the previous year, on air traffic which is seen being 48% lower, said the International Air Transport Association (IATA) in a weekly online news conference on Tuesday.