Air, Cruise Industries Face Rocky Road to Recovery Even with COVID-19 Vaccines

Air, Cruise Industries Face Rocky Road to Recovery Even with COVID-19 Vaccines

COVID-19 has been an equal opportunity virus in its attack on leisure travel. No business has been spared. And while cruise ship lines cater almost exclusively to vacationers, the leisure market makes up more than 80 percent of airline travel, according to the U.S. Travel Association.With COVID-19 vaccines on the horizon, both industries are trying to find their way back on different paths to financial health. The combination of those vaccines and a rebounding economy may return air travel to pre-pandemic levels more quickly than anticipated, but there's likely to be turbulence ahead.The disruption of both industries underscores the worldwide dislocation caused by the coronavirus pandemic. Each sector will recover, but like the broad economy, it's likely to take longer and be rougher than many had hoped.Airline employees take an escalator in John F. Kennedy International Airport on November 7, 2020 in New York City. The global pandemic has had a devastating impact on aviation and airlines don't believe they will see much improvement until a reliable COVID-19 vaccine is developed and distributed.

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In the airline industry, the signs of recovery are mixed.Ryanair, a European discount airline, exercised an option to purchase an additional 75 Boeing 737 MAX jets,