Economic Toll of Virus Goes Global and Hits Close to Home

Seven weeks after the first case of COVID-19 was confirmed in the U.S., the spread of the virus that causes the disease has done widespread damage to critical economic sectors in the country.

Airlines are cutting capacity, people are working from home, major public events that raise millions of dollars for local communities have been canceled, including this year’s St. Patrick’s Day parade in Boston. Bellow, a running tally of the effects of the coronavirus on people, businesses, and the economy.

TURBULENCE IN THE AIR

Europe’s airports say they expect 187 million fewer passengers this year due to the virus outbreak, which is “turning into a shock of unprecedented proportions for our industry.” The ACI Europe, which represents the sector, estimated that the outbreak will mean a 13.5% drop in airport passengers in the first quarter alone. That translates to 1.32 billion euros ($1.5 billion) in lost revenue.

Airlines continue to slash capacity as travelers cancel flights or avoid them all together. United Airlines, Delta Air Lines and American Airlines are allowing passengers to rebook tickets through April 30 without paying fees.

LEISURE LATER, MAYBE

Vail Resorts is withdrawing its forecast for the entire year. The company said visits were modestly below expectations last week, but it believes that could grow worse.

The online travel company that owns Kayak and other sites withdrew its guidance for the quarter citing the worsening impact of the virus on travel. Booking Holdings said that travel demand, especially in North America and Europe, has fallen. Because of the “rapidly evolving situation,” the company it’s unable to issue a new forecast. Booking said it would offer an update in May.

THE FED AND BIG BANKS