The announcement came after the company lost 1.5 billion euros (around 16 billion kroner) in the second quarter. Total loss after the first two quarters of the year is 3.62 billion euros.
– We are experiencing a marked disruption in global air traffic. We do not expect demand to return to pre-crisis levels until 2024, says the company’s top manager Carsten Spohr.
Like other airlines, Lufthansa has been hit very hard by the corona crisis. Travel restrictions have been introduced in many countries, and fear of infection dampens the demand for travel that is still feasible.
Lufthansa states that turnover fell as much as 80 per cent in the second quarter, compared with the same period last year. The reason was that demand collapsed.
The only bright spot in the accounts is that Lufthansa Cargo delivers solid figures and contributes to the loss not being even greater.
Spohr warns that it will not be possible to avoid a comprehensive restructuring of the business in the wake of the crisis.
The group will cut costs by 15 percent by 2023 and reduce the fleet by at least 100 aircraft.