The global airlines are going to lose $314 billion in revenue because of the deadly coronavirus or COVID-19 outbreak in 2020 as per the forecast from the representative body of the industry IATA, that raised its estimates from the $252 billion provided on March 24.

Airlines industry crisis due to Coronavirus

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The $314 billion represents a 55 percent fall in passenger revenues compared to the previous year, on-air traffic which is seen being 48 percent lower, said the International Air Transport Association in a weekly online news conference on Tuesday.

The deadly virus outbreak has claimed the lives of more than 119,000 people globally and infected almost two million people around the world in over 170 countries. The WHO has described the virus outbreak as a pandemic. The virus probably originated from te Chinese city of Wuhan in the Hubei province.

(With agency inputs)