Emirates’ Tim Clark: Coronavirus is a black swan event for the airline industry – The National

Emirates’ Tim Clark: Coronavirus is a black swan event for the airline industry – The National

Emirates' Tim Clark: Coronavirus is a black swan event for the airline industry. The president of the Dubai airline says the pandemic is devastating for the business with some carriers still at risk despite government intervention. More airlines could have collapsed or consolidated globally without government intervention amid the Covid-19 pandemic and the aviation industry will see a decline in passenger traffic as well as the number of aircraft used by carriers once the crisis subsides, Emirates president Tim Clark said.. "It might have happened had there not been massive state intervention over the last months," Mr Clark said in an interview with The National.. Had the natural laws of supply and demand survival of the fittest worked, I think we would have seen the culling of many airlines.. Air France-KLM is set to receive €7bn (Dh28.04bn) in the form of loans and loan guarantees from the French government and the Dutch government has pledged another €2-€4bn of loans and guarantees to KLM.. I thought about 85 per cent would go bust had there been no state intervention," Mr Clark said.. Mr Clark said he views the pandemic as a black swan event for the airline industry.. Passenger demand, measured