After Lufthansa, airport operator Fraport also needs to cut costs. The coronavirus epidemic is hurting income.
«Look at what happened to the aviation industry during the Sars epidemic in 2003», says Helene Spro, financial analyst at Scope Ratings. Traffic volume of Asian airlines fell by 8 percent. «We expect the outbreak of Covid-19 to have a major impac», the expert adds.
But it is not only airlines in Asia that are suffering, but also those carriers flying there. Lufthansa, for example, has already announced an austerity programme because of the spread of the new coronavirus. And now Fraport is following suit.
Voluntary, unpaid leave
The Covid 19 epidemic has «a major impact on the hub operations of Frankfurt Airport – on all areas from flight operations and ground handling to cargo and retail», the operator of Frankfurt airport explains. That’s why all costs are being reviewed. A stop on new hires has already been implemented, as well as an offer for employees to take voluntary, unpaid leave or to work part-time temporarily.