France’s government announces $16.9 billion in rescue money for the pandemic-battered aerospace industry.
FILE - In this June 18, 2019 file photo, an Airbus A330 performs a demonstration flight at Paris Air Show, in Le Bourget, north east of Paris. France's government has announced 15 billion euros in aid for the virus-battered aerospace industry, including plane maker Airbus and national airline Air France.
As travel restrictions grounded most flights to keep the virus contained, the fallout cascaded across the industry, fromto airports to engine makers, maintenance contracts and spare parts suppliers. Airlines around the world are forecast to lose $84 billion this year, with revenue halved. Some have filed for bankruptcy or sought bailouts to survive the near-shutdown in their activity, and officials predict the industry will take years to recover.
And like a similar multibillion-euro plan to save the French car industry announced last month, the aviation bailout requires more investment in clean energy - and puts pressure on manufacturers to avoid layoffs. The government will help Air France buy Airbus planes, and pledged to order 600 million euros worth of refueling tankers, drones and helicopters from Airbus' defense arm. In addition to dominating the global passenger aircraft market alongside Boeing, Airbus is also a major supplier of military aircraft to European governments.
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