Male: The Maldivian aviation industry will suffer a loss of US$ 507 million as a result of the global COVID-19 pandemic. This was revealed by the International Aviation Transport Association (IATA), a trade association of the world's airlines founded in 1945.

Citing a report published by IATA, Maldives Insider reported that it is likely that airlines in the Maldives will lose more than US$ 500 million in 2020 due to the coronavirus pandemic, risking over 28,000 jobs.

Before the COVID-19 pandemic, IATA had estimated that Maldives' airlines would carry over 2.1 million passengers in 2020, earning approximately US$ 1.4 billion. However, the association predicts 2,124,000 fewer passengers in the Maldives in 2020.

This 40 percent decline in demand will cause revenue losses of US$ 507 million, estimated IATA. 

Currently, four local airlines operate in the Maldives. They are; Manta Air, Trans Maldivian Airways; Villa Group's FlyMe and flagship carrier Maldivian.

All the domestic airlines in the Maldives except Maldivian have suspended passenger operations and gone on stand-by. The national airline has also suspended flights to some destinations. Maldives Immigration has temporarily suspended issuing visas on arrival, due to which the decline in flights operated to the Maldives is expected to remain the same until the restrictions are lifted.

The Maldives economy has suffered a major blow as a result of the global pandemic. The revenue earned by the archipelago is expected to decline significantly with tourism activities coming to a standstill as a result of the outbreak.