Today, “given the level of continued uncertainty” due to the COVID-19 pandemic, low-cost airline EasyJet have announced new flight cancellations.
EasyJet announces new cancellations as a result of the rare level of travel restrictions imposed by governments in response to the COVID-19 pandemic, and the resulting reduction in consumer demand.
This position reflects the company’s strategy that may, in the end, mean that most of the easyJet fleet across the globe remains in hangars, the company informs in a statement.
The airline state that they “will continue to carry out repatriation flights so that citizens can return to their loved ones during these difficult times”.
To help mitigate the impact of COVID-19, all measures are being taken to reduce costs and non-vital expenses for the business.
EasyJet remains financially strong with a positive balance of 1.7 billion euros, and a $500 million (US $) credit access schemes, with airplanes costs totalling no more than 4.5 billion euros and a large and valuable portfolio of slots. The airline has no debt refinancing due until 2022, and lenders recognize the robustness of its business model.
European aviation faces a precarious future and there is no guarantee that airlines, despite the benefits they bring to people, the economy and business, will survive what could mean a long-term travel difficulties and the risks of a slow recovers for this sector.
EasyJet stated that they will “continue to work closely with the authorities and follow the guidelines provided by the World Health Organization and EASA to ensure the health and well-being” of its employees and passengers.