Per a recent Airlines for America (A4A) study, the number of air travelers being screened by the Transportation Security Administration (TSA) plummeted nationally. On average, there has been a 50% reduction in flight departures with states like New York, Hawaii, Washington DC, Vermont, Massachusetts and New Jersey reporting more than 80% decline in the TSA checkpoint volumes.
The latest total traveler throughput as of Aug 17 was 773,319. Prior to the ongoing global health crisis, U.S. airlines were transporting a record 2.5 million passengers and 58,000 tons of cargo each day. As travel constraints and stay-at-home orders were implemented, demand for air travel dropped sharply. In short, the estimated COVID-19-triggered loss outbreak is at least more than $98 billion in the first half of 2020.
Majority of the airline stocks have depreciated over the past week, causing the NYSE ARCA Airline Index to decline 5.6% to $55.94, showing