Israeli officials warned on Monday that the local tourism industry was on the brink of collapse over the growing coronavirus crisis.
Israeli has all but barred the entry of foreign nationals from countries hit by COVID-19, including Spain, Germany, France, Switzerland, Austria, China, Singapore, Thailand, Japan, Hong Kong, Macau, South Korea, and Italy.
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The massive drop in demand for airline tickets, as well as Israel's strict travel advisories, has seen multiple international airlines suspend their flights to and from Israel.
Lufthansa Group airlines Austrian Air, Lufthansa, And Swiss Air said they would suspend all flights until at least March 28th.
Iberia followed, halting all flights between March 10th through at least March 20, Italian flag carrier Alitalia said it would suspend flights between March 11 and 28, and Air France said it would do the same.
The company on Sunday said it expects an even bigger decline in revenue for the start of the year than previously thought due to the global coronavirus outbreak.
The company, which has suspended routes and canceled flights as the outbreak spreads across the globe, revised the estimated decline in revenue it expects for January to April to $140-$160 million. It previously warned of a $50-$70 million decline for the period.
Of the total, El Al said the decline in revenue for the first quarter will be $80-$90 million.
A decline in expenses will partially offset the drop in revenue, so the company expects the final impact for the first four months of the year on its results to be $70-$90 million.
El Al, which has already announced a major round of layoffs, said it has requested government aid and is in talks with the Finance Ministry.
