Lufthansa CEO says Airline consolidation ‘Overdue’

Lufthansa has canceled its routes to Iran, as well as those of Austrian Airlines. Many other major airlines have announced new flight plans that avoid Iranian and Iraqi airspace.

German cabin crew union UFO has announced it will strike again for more pay and recognition as a Lufthansa negotiating partner. Over 2,000 flights were canceled during the union's last strike.

Lufthansa has said it will take "years" before demand for air travel reaches pre-coronavirus levels. The airline said new changes will affect "almost all" flight operations.

The German airline disclosed €1.2 billion in losses for the first quarter of 2020 as sales fell by 50% in March alone. State loans from Germany, Belgium, Austria and Switzerland are likely to rescue the company.

Lufthansa is seeking a €10 billion bailout that would give the German government a massive stake in the airline, Der Spiegel reports. The German flag carrier has said it is losing €1 million an hour due to the pandemic.

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German Chancellor Angela Merkel has said there will be a decision "soon" on a potential rescue program for airline giant Lufthansa. The carrier was seeking capital as it struggles to cope with the coronavirus pandemic.

The much-anticipated deal is being reported by German news agency DPA. The rescue package is meant to help the airline cope with losses incurred by the effects of the COVID-19 pandemic.

The German airline group Lufthansa says it will undergo "far-reaching restructuring" after reporting a net loss of €2.1 billion in the first three months of the year. The changes will include job cuts at its Brussels Airlines and Austrian Airlines brands. Lufthansa's board agreed on Tuesday to a €9 billion German government rescue loan to help it through the crisis. Also today, shares in French carmaker Renault jumped in early trading in Paris after it formally secured a €5 billion government-backed loan to shore up its finances.

Tens of thousands of jobs could be cut at German airline Lufthansa. Executives said Thursday personnel costs had to be reduced drastically to ensure a better restart following the coronavirus crisis.

This will be the worst year in the history of aviation, with passenger numbers and revenues half of what they were last year, according to industry body the International Air Transport Association (IATA). With borders closed to limit the spread of the coronavirus, airlines have been forced to ground their fleets, costing them billions in lost revenue every month. "The worst is behind us," IATA's CEO Alexandre de Juniac told FRANCE 24 - providing that there is no second wave of Covid-19. He warned, however, that it will take until 2022 or 2023 before air travel returns to pre-pandemic levels.

The German airline's top shareholder has said he will back the deal, quashing fears he would scupper the government's proposed rescue package. The €9 billion deal is set to be voted on by investors on Thursday.