<p>The new coronavirus outbreak could mean a reduction of $4-5 billion in worldwide airline revenue, the International Civil Aviation Organization (ICAO) said on Thursday.</p>.<p>The UN agency reported that 70 airlines have cancelled all international flights in and out of China and 50 others have reduced their operations.</p>.<p>Preliminary estimates show this has meant a reduction of nearly 20 million passengers compared to expectations for the first quarter of 2020.</p>.<p>That figure equates to potential lost revenue of up to $5 billion, the agency said.</p>.<p>The virus has killed 1,483 people in China and infected more than 64,600 there. Overseas, nearly 600 cases have emerged in around 30 locations</p>.<p>"Prior to the outbreak, airlines had planned to increase capacity by nine per cent on international routes to/from China for the first quarter of 2020 compared to 2019," ICAO said in a statement.</p>.<p>The reality has been a reduction in foreign airline traveller capacity of 80 per cent.</p>.<p>Japan looks to be hardest-hit from a reduction in Chinese air travellers in the first quarter, ICAO said. The country could lose $1.29 billion in tourism revenue, with Thailand not far behind at a $1.15 billion loss potential.</p>.<p>ICAO said the effects of the COVID-19 virus outbreak on the airline industry are expected to be larger than the 2002-2003 SARS epidemic because flight cancellations are more widespread this time.</p>.<p>In addition, China's international air traffic has doubled and its domestic air traffic increased five-fold in the last 17 years.</p>.<p>Chinese authorities have locked down Hubei province, the virus epicentre, and have restricted movements in several cities as part of an unprecedented effort to contain the virus.</p>.<p>Britain, Germany, the US, Japan and others have advised against travel to China.</p>
<p>The new coronavirus outbreak could mean a reduction of $4-5 billion in worldwide airline revenue, the International Civil Aviation Organization (ICAO) said on Thursday.</p>.<p>The UN agency reported that 70 airlines have cancelled all international flights in and out of China and 50 others have reduced their operations.</p>.<p>Preliminary estimates show this has meant a reduction of nearly 20 million passengers compared to expectations for the first quarter of 2020.</p>.<p>That figure equates to potential lost revenue of up to $5 billion, the agency said.</p>.<p>The virus has killed 1,483 people in China and infected more than 64,600 there. Overseas, nearly 600 cases have emerged in around 30 locations</p>.<p>"Prior to the outbreak, airlines had planned to increase capacity by nine per cent on international routes to/from China for the first quarter of 2020 compared to 2019," ICAO said in a statement.</p>.<p>The reality has been a reduction in foreign airline traveller capacity of 80 per cent.</p>.<p>Japan looks to be hardest-hit from a reduction in Chinese air travellers in the first quarter, ICAO said. The country could lose $1.29 billion in tourism revenue, with Thailand not far behind at a $1.15 billion loss potential.</p>.<p>ICAO said the effects of the COVID-19 virus outbreak on the airline industry are expected to be larger than the 2002-2003 SARS epidemic because flight cancellations are more widespread this time.</p>.<p>In addition, China's international air traffic has doubled and its domestic air traffic increased five-fold in the last 17 years.</p>.<p>Chinese authorities have locked down Hubei province, the virus epicentre, and have restricted movements in several cities as part of an unprecedented effort to contain the virus.</p>.<p>Britain, Germany, the US, Japan and others have advised against travel to China.</p>