Global airlines urged governments to speed up bailouts to rescue the air transport industry as they doubled their estimate of 2020 revenue losses from the coronavirus crisis to more than $250 billion.

“We clearly need massive action very quickly and urgently,” Alexandre de Juniac, director general of the International Air Transport Association (IATA) claimed, adding that airlines worldwide have grounded the majority of their fleets to preserve cash amid mounting travel restrictions designed to slow the spread of the epidemic.

The result has been huge pressure on the liquidity of airlines, up to half of which face possible bankruptcy in coming weeks if nothing is done to support the industry, IATA said.

“We have a liquidity crisis coming at full speed – no revenues and costs still on our (books), so we desperately need some cash,” de Juniac said.