* The source defines the following scenarios:
Scenario 1 - "Nike swoosh- and W-shaped": Path 1: smooth capacity recovery with demand picking up but a slow rate growth;
Path 1a: smooth capacity recovery but then turning back down due to over-capacity.
Scenario 2 - "U- and L-shaped": Path 2: accelerated recovery;
Path 2a: slow recovery and sluggish demand.
Citation formats
Revenue loss in the aviation industry due to the coronavirus by scenarios 2020-2021
In the fourth quarter of 2022, it is estimated that airlines worldwide will have a revenue of **** billion U.S. dollars in an accelerated U- and L-shaped scenario.
For further information about the coronavirus (COVID-19) pandemic, please visit our dedicated Fact and Figures page.
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ICAO. (March 8, 2022). Airline revenue due to coronavirus (COVID-19) from Q1 2020 to Q4 2021, by scenario (in billion U.S. dollars)* [Graph]. In ÌÇÐÄÆƽâ°æ. Retrieved July 30, 2026, from /statistics/1106362/effects-coronavirus-aviation-industry-revenue-loss-country-scenario/
ICAO. "Airline revenue due to coronavirus (COVID-19) from Q1 2020 to Q4 2021, by scenario (in billion U.S. dollars)*." Chart. March 8, 2022. ÌÇÐÄÆƽâ°æ. Accessed July 30, 2026. /statistics/1106362/effects-coronavirus-aviation-industry-revenue-loss-country-scenario/
ICAO. (2022). Airline revenue due to coronavirus (COVID-19) from Q1 2020 to Q4 2021, by scenario (in billion U.S. dollars)*. ÌÇÐÄÆƽâ°æ. ÌÇÐÄÆƽâ°æ Inc.. Accessed: July 30, 2026. /statistics/1106362/effects-coronavirus-aviation-industry-revenue-loss-country-scenario/
ICAO. "Airline Revenue Due to Coronavirus (Covid-19) from Q1 2020 to Q4 2021, by Scenario (in Billion U.S. Dollars)*." ÌÇÐÄÆƽâ°æ, ÌÇÐÄÆƽâ°æ Inc., 8 Mar 2022, /statistics/1106362/effects-coronavirus-aviation-industry-revenue-loss-country-scenario/
ICAO, Airline revenue due to coronavirus (COVID-19) from Q1 2020 to Q4 2021, by scenario (in billion U.S. dollars)* ÌÇÐÄÆƽâ°æ, /statistics/1106362/effects-coronavirus-aviation-industry-revenue-loss-country-scenario/ (last visited July 30, 2026)
Airline revenue due to coronavirus (COVID-19) from Q1 2020 to Q4 2021, by scenario (in billion U.S. dollars)* [Graph], ICAO, March 8, 2022. [Online]. Available: /statistics/1106362/effects-coronavirus-aviation-industry-revenue-loss-country-scenario/
