Seeking Alpha - EqualOcean 

The unexpected emergence of COVID-19 in early 2020 inflicted heavy losses on the global economy, especially for the aviation industry. Specifically, both the domestic passenger traffic volume and turnover volume dropped by about 84.5% and 83.1% from January to February 2020. Nevertheless, these ratios have been gradually rising this year, with China comprehensively controlling the outbreak.

The aviation industry and tourism recovered slightly in the third quarter of 2020, which pulled up airlines' operating incomes and passenger traffic volumes. However, the new wave of COVID-19 is likely to hit airlines again, as coronavirus vaccines are still uncertain, and travel bans across regions are here to here