Trump's ban on foreign nationals who have been in Europe is a new problem for airlines already reeling from coronavirus.
The new coronavirus has been spreading within the U.S., prompting officials in some of the country's biggest cities like San Francisco and Seattle to call off large public gatherings outright, or special events such as the St. Patrick's Day parade in New York City. The National Basketball Association on Wednesdayafter a Utah Jazz player tested positive for COVID-19, the formal name for the disease.
Airline shares have plunged to multi-year lows because of the outbreak, which the World Health Organization deemed a pandemic on Wednesday. Aircraft manufacturerplunged 18% in Wednesday's session, the most since 1974 after the company said it would halt hiring and draw down the entirety of a $13.8 billion loan due because of the coronavirus crisis.
Airlines had been gearing up for the peak spring and summer travel season, the most lucrative quarters of the year. But the coronavirus outbreak is now threatening to keep travelers at home for months, and travel restrictions could exacerbate travelers' fears about going abroad months down the road, said Henry Harteveldt, a former airline executive and founder of travel consulting firm Atmosphere Research Group.
Airlines could invoke clauses in aircraft contracts to allow them to cancel or defer airplane orders, while they can also offer or order more unpaid employee leave and flight cuts to save money.
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