Airlines around the world are cancelling hundreds of thousands of flights as travelers either opt not to travel or are outright banned due to COVID-19 pandemic. More passenger airlines are helping fill the severe shortage in freight capacity by turning their aircraft into cargo-only airplanes to haul critical medical supplies, foodstuffs and other economically essential goods.

COVID-19 brings unprecedented challenges to business and operation of airlines. At present, nearly a thousand airlines around the world are facing serious crises such as suspensions, layoffs, operational difficulties and even bankruptcy.

Airports could lose about US$ 76 billion for full year 2020, while airlines suffer potential revenue losses of US$ 90 to 118 billion in the first half of the year, according to the International Civil Aviation Organization (ICAO) , which has released its latest report providing estimates of COVID-19's economic impact on civil aviation.

Korean Air Lines Co Ltd will suspend flights to Washington, D.C. starting April 13 through to the end of May due to the coronavirus crisis, a company spokesperson said on Wednesday.

Two-thirds of Lufthansa's global staff will work reduced hours after the German airline grounded much of its fleet due to the coronavirus pandemic, Lufthansa said on Wednesday.

Emirates will operate all cargo services from Dubai International Airport from Wednesday, temporarily suspending operations at Dubai's Al Maktoum airport, the airline said on its website.

Defense contractor Israel Aerospace Industries (IAI) and holding group IES Holdings are partnering to create a facility for airlines to park airplanes grounded during the coronavirus outbreak near Israel's second-largest airport.

El Al Israel Airlines said on Wednesday it was extending the suspension of all scheduled passenger flights until May 2 due to a drop in demand in the wake of the coronavirus outbreak.

Swedish airline BRA said on Wednesday it was pausing all traffic as demand had ground to a halt amid the coronavirus pandemic.

Iceland will pay carrier Icelandair up to 100 million krona (US$717,000) to keep some flights to and from Iceland open for three weeks, Icelandic daily Morgunbladid reported on Monday.