Norwegian is cancelling about three,000 flights till mid-June following a drop in demand from customers from the coronavirus outbreak.
That is about 15pc of the airline’s total capacity for this interval.
The company has also put quite a few other measures in location, together with non permanent layoffs of a “substantial share of its workforce”.
Impacted buyers will be knowledgeable about cancellations.
Main executive Jacob Schram explained: “Unfortunately, cancellations will have an affect on a substantial share of our colleagues at Norwegian. We have initiated official consultations with our unions relating to non permanent layoffs for traveling crew associates as very well as staff on the ground and in the offices.”
He extra: “This is a critical time for the aviation marketplace, together with us at Norwegian. We really encourage the authorities to immediately put into practice measures to imminently lessen the economic stress on the airways in get to shield crucial infrastructure and work opportunities.”
The Telegraph reported on Sunday that Arrowstreet Capital, a $106bn (£81bn) hedge fund released by Uk-born Harvard professor John Campbell, is among traders betting Norwegian will be the next airline to are unsuccessful.
A number of airways have slashed capacity to and from Italy in the wake of the nationwide lockdown introduced on Monday.
Ryanair will suspend all flights till April eight, whilst British Airways has also stopped traveling to Italy.
EasyJet proceeds to work a modest amount of flights to the state.