In regards to the spread of COVID-19, Business Travel News reported, "For corporate travel and meeting managers looking for a guidebook, the business interruption for their own companies and financial issues for the travel industry are tracking similarly to those experienced after the 9/11 terror attacks in 2001 and the financial crash in 2008."
WorldAware Founder Bruce McIndoe agreed, stating "Airlines and global distribution systems will need substantial financial support," with GDS revenues largely tied to passenger name record volume. "The whole travel and transport ecosystem—and I include rail and cruise lines in that—the government is going to have to systematically put them on life support."
The Business Travel News article stated, "In the case of travel management service partners, McIndoe predicted many TMCs would not have the financial strength to weather the storm. 'We will see failures and substantial opportunities for more consolidation in the travel industry. Smaller TMCs are not going to survive; those doing $50 million or $100 million in travel—the government isn't going to go down that far [with relief measures].'"
View the full article, COVID-19: Assessing the Catastrophe.