The aviation industry is facing a "crisis of epic proportions" and airfares are likely to rise significantly as international travel takes a number of years to bounce back, according to the CEO of an aviation leasing company.
Avalon chief executive Donal Slattery said there are some greenshoots being seen in domestic air travel in China and the US, with traffic in China 20% higher this week than four weeks ago and US bookings for later in the year returning.
However, he said he is "very, very pessimistic on the prospects for international travel" and believes it will take two to three years to recover to pre-Covid-19 levels.