The CEO of Austrian Airlines said that the company expects its business to shrink by 20 percent by 2022 and that it will have to cut about 1,100 employees out of seven thousand now.

"Our target is 80 percent of the company's race size in 2022, which means from today's perspective that there are 1,100 employees who are overwhelmed," the Der Standard newspaper quoted Alexis von Hoensbruch, chief executive, as saying when asked about the job cuts.

The government announced last week that Austria had agreed to a 450 million euros (506 million dollars) aid for the Lufthansa subsidiary to protect Vienna's status as a transportation hub and maintain the majority of jobs on the national carrier.

The aid, which comes amid the pandemic of the Corona virus, includes 300 million euros in the form of loans from a group of banks, guaranteed by the state by 90 percent, in addition to grants of 150 million euros.

Source: Reuters

By:Nadeemy Haded