The market value of some commercial aircraft models has fallen between 5 and 15 percent compared to their value since the beginning of the year due to the outbreak of the Corona pandemic, according to a report published by research firm Ishka.
The research institute predicted that the Pyeong 777 model would be the most affected among the most famous aircraft models, after the market value of this plane fell by about 20 percent since January.
The International Air Transport Association describes the crisis faced by the aviation industry due to the outbreak of the new Corona virus, the largest crisis this industry has ever faced, given the application of general isolation measures in many countries and the suspension of flights.
The research institution likens the crisis in the aviation industry to the period of the crisis that occurred during the attacks of September 11, 2001, according to the Wall Street Journal.
During this period, Boeing halted the manufacture of its famous Boeing 727 three-engine aircraft, as airlines are now disposing of older and less fuel-efficient models.
The epidemic also threatens planes that will end production next year, such as the Boeing 777, which is to be replaced by the less popular 777X, and the less popular Airbus A380, even the most popular Airbus A 321 Niu, "it looks like it will be hit hard by the crisis.
The research company added that the unpleasant fact for investors is that few planes will recover their value when the current crisis ends, and this was what was the case after the crisis of the September 11 bombings, as new best-selling planes did not recover their value until 2005.
She noted that Boeing's decision to implement the recently approved voluntary employee layoff program was due to the severe repercussions of the Corona Virus outbreak on the aviation sector, and that aircraft production should be low for years because the demand for aviation would take time to return.
According to Ishka Research, government bailouts in the United States may maintain the general structure of the aircraft industry, but the Covid-19 pandemic will keep flying activity significantly limited.
According to reports, the demand for flights is expected to decrease by 38 percent this year, due to the suspension of flights for travelers and the disruption of half of the world's airline fleets due to the epidemic that killed 75 thousand people and infected more than 1.3 million people.