If you thought the new virus was just a health issue, think again
The first quarter of 2020 is just about coming to a close; yet it seems that the world has been through more trying times than we can count. Of the latest is the novel coronavirus (nCoV), which started out in December of 2019 in Wuhan, China, but which has only recently been spreading around the Philippines. With government mandated school suspensions and work from home contingencies being put into place, it seems safe to say that the effects of the novel coronavirus are both seen and felt all around the metro.
But what are its effects on the various industries that dominate our modern society? After all, nCoV goes beyond the individual — it is a public health issue. Today, we explore the various effects the virus has had on multiple industries of which we all depend.
Airline Industry
Perhaps no other industry is as affected by nCoV as the airline industry. With multiple countries implementing travel bans (some escalating to lockdowns), it comes as no surprise that an estimated loss of US$113 billion is expected. Optimistic estimates claim that if the situation stabilises soon, only US$63 billion will be lost.
However, a few airlines are already suffering. Flybe, a budget airline based in the UK, has already collapsed, in part due to having previously struggled as an airline, but in part due to the demand slump caused by the nCoV outbreak. Airlines all around the world have cancelled thousands of flights so it seems like Flybe may not be the only casualty. For instance, Philippine Airlines had recently admitted to operating with billions of pesos in loss as of December 2019; needless to say, the eruption of Taal along with the nCoV outbreak has not done it any favours. Airlines worldwide such as Emirates and Cathay Pacific have also asked their employees to take unpaid leaves.