Impact of Covid 19 on the Irish Airline Industry Essay Sample
This essay sample shall discuss the impact of Covid 19 in the airline sector of Ireland and globally. It shall mention the ways through which expenses can be met by the aviation industry in Covid 19.
Before the sudden outbreak of pandemics, air traveling was considered to be the safest means or modes of traveling anywhere around the globe. This highly infectious, contagious Covid 19 virus and it’s outbreak has forced the airlines to impose strict travel restrictions on the passengers.
Physical or social distancing, using face masks, hand gloves, PPE kit, headgears, sanitizers are used for health and safety practices which must be done at the airports and onboard the flights.
Coronavirus outbreak has majorly impacted the financial and economic situation of every country around the world and has caused an everlasting impact on the aviation businesses and the Irish economy.
The air passengers are mostly accustomed to low airfare or low air cost travel, no-frills, standing in ques in the security and at the boarding gates, high occupancy in the airports, limited luggage, and space onboard. In order to make the flights safer and comfortable for the passengers the above-mentioned safety measures and rules to be adopted.
The airline industry is a highly competitive sector that requires effective operations with high capacity and low operating costs.
Most of the countries closed their international traveling during the lockdown and internal movement was restricted with some limited exceptions.
With no passengers due to covid 19 means, no flying and no flying means no revenue generation from the airlines which negatively impacted the economy as well.
Ways to meet expenses by the Irish Aviation Industry during Covid 19
Some of the following ways through which the Irish aviation sector can meet expenses during this Covid 19 pandemic are:-
- Seeking government help by the aviation department for granting loans, grants, and equity. Getting financial aid and support from the government.
- From the potential business sales and strategic assets.
- Getting financial assistance from the banks and institutions through banking relationships that have been established along with security over unencumbered assets.
- Using cash reserves for meeting the immediate costs including any staff or aircraft maintenance.
- Reducing any operating costs that include any costs of staff or crew members.
- Seeking equity from the existing shareholders.
- Rescheduling or termination of the existing aircraft lease agreement.
- National and international laws can protect to buy time review and device scheme of arrangement.
- The Irish aviation industry has announced planned size reduction and job cuts.
Funders/financers and Banks
Banks and lenders in every major sector are facing concerns and issues related to a reduction in business activity, the pressure to preserve jobs and businesses in this crisis.
Airlines and aircraft lessors have maintained over time banking relationships based on mutual interests. When there are stressful banking relations options of negotiations can be availed. By extending loan term and interest rates: waivers or variations, temporary deferrals, contractual standstill periods, etc.
There has to be proper legal compliance with laws and regulations to protect the lenders from the allegations of treatment or undue pressure.
Regular air traveling can be resumed with proper precautions and limited restrictions even though a future uncertainty is there. Business facing financial challenges requires to seek advice to understand options available and to begin planning for the long term.
Options include mergers, exploring the possibility of business sale, consolidation, and sale-ready. It will help in the wholesale restructuring of the business.
The Aviation service is very important for Ireland as a business and as a core transport infrastructure.
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The above sample mentions the impact of Covid 19 on the aviation sector in Ireland and at a global level.
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