The US air transport industry has taken desperate measures in recent days to combat a plunge in demand due to coronavirus panic and travel restrictions, announcing deep cuts in domestic and international connectivity, cancelling earnings guidance and asking for aid valued at some $65 billion. US carriers now expect to see their previously healthy liquidity melt away after a sharp drop-off in demand from the flying public. In the past week, US airlines have begun to furlough staff, offer unpaid leave, delay hiring, ground aircraft and shrink their networks to preserve cash.
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