World's ailing airlines appeal for aid as US offers $58 b

IATA says cash reserves being used up rapidlyU.S. authorities lined up $58 billion in aidAustralian authorities temporarily lift competition rules

DUBAI/SINGAPORE (Reuters) - urged the world’s major economies to act quickly to prevent irreversible damage to an industry that has seen demand decimated almost overnight by the coronavirus crisis.

Several states have already stepped in to help airlines hammered by the travel slump, with the United States offering $58 billion in aid, Singapore announcing support for aviation and Australia easing competition rules.

As leaders from the Group of 20 nations met for a video summit, the International Air Transport Association (IATA) asked governments to provide or facilitate financial support for the major carriers it represents.

“The spread of the COVID19 pandemic around the globe and the resulting government-mandated border closings and travel restrictions have led to the destruction of air travel demand,” IATA Chief Executive Alexandre de Juniac said in an open letter.

Underlining the industry’s plight, AirAsia, the region’s biggest budget carrier, became the latest to announce sweeping schedule cuts and said some of its businesses would halt flights altogether for a period.