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Here are some of our published papers on the impact of Covid-19:

Our Perspectives on Air Transport looks at the impact of the crisis on airlines, airports and ANSPs and What Next?

Our popular 'one pagers' highlight specific areas of the industry:

  • Industry Job Losses – Huge, Long Term, Damage Continues: More than 620,000 direct, industry wide job losses have now been reported over the last nine months. Each of these jobs is estimated to support another 6+ jobs in the economy bringing the total impact to 4+million with further losses expected

  • Passenger Air Transport – Indexed Value Stream: Air Transport is a highly integrated value chain driven by passenger spending. Passenger Confidence = Travel Demand = Service Supply = Value Creation. How does PAX spend flow through the key players in the Air Transport system?

  • Airport Economics - PAX, Revenue & Cost Recalibration: As aviation takes its first tentative steps towards recovery, Five Aero's prognosis is that a significant & long term recalibration of airport economics will be required over the next 2-3 years

  • Airport Economics – Aero & Non Aero Revenue: Airport revenue streams will need to be fundamentally re-imagined & transformed for a post COVID-19 world in which there will be significant downward pressure from airlines on airport fees, and non–aero revenue is likely to be subdued 

  • European Air Traffic: With FY2020 down 6.1M flights vs FY2019, equivalent to the total combined air traffic handled by Frankfurt, Paris CdG, Schiphol, Heathrow, Madrid, Munich & Rome over a two year period, will European aviation enjoy a much needed summer or is it facing five consecutive winters?

  • European Hub Airport Activity: Passenger and Cargo volumes have been impacted in a variety of ways at each of Europe's four main hub airports during 2020 and by viewing these airports in terms of Work Load Units we are able to compare activity throughput rates.

  • European Point-to-Point Airports ActivityFollowing on from our above look at activity throughput rates at four European hub airports, we now take a look at four European point-to-point airports. Overall, WLUs per ATM productivity appears to have held up better at hub airports during 2020. 

  • Ten Major Airlines - Net Debt Position: The Net Debt position of ten major airlines is the focus for this one pager.  While it's a dynamic picture, the low cost carriers remain well positioned to take advantage of emerging growth opportunities. 

  • Comparison of Gatwick and Heathrow: This note compares the performance of the UK’s two largest airports & highlights the significant challenges that each face as they continue to address the impact of COVID-19.

  • Airport Misery Continues: The misery continues for airports. This week we look at Revenue, Opex, Net Debt & recent PAX volumes at ten European airports. For many, 1H21 is shaping up to be a complete write-off.

  • Another look at European hub activity: In this one page analysis we take a closer look at European Hub Airports & consider 2021's traffic challenges.

  • European Air Traffic Forecast Downgraded: This one pager examines Eurocontrol’s recently updated traffic forecast scenarios for 2021-2024 in the context of pre COVID-19 traffic expectations, and further consider the implications for ANSP cost recovery.

  • Cost recovery for five European ANSPs. What is the future for ANSP cost recovery? This one pager looks at the shortfall in the next few years.

Covid-19 impact on ANSPs which discusses the impact of Covid-19 on Air Navigation Service Providers.

We have submitted written evidence to the UK parliamentary inquiry into the implications of Coronavirus on transport. It is based on this White Paper.


We have also contributed to the Infracast series of podcasts hosted by Andrew Ward.


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