December 2, 2022

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The suspension of flights from South Africa reduces European airline stocks

The suspension of flights from South Africa reduces European airline stocks

Shares of European airlines fell yesterday after international moves to impose restrictions on air travel from some South African countries emerged following the emergence of a new mutant strain of the “corona” virus. Shares of British Airways parent company IAGSA fell 21%, while German airline Lufthansa fell 14%.

In turn, “Air Ryan”, “Air France-KLM” and other European airlines recorded similar declines in their shares.

Yesterday, the German Minister of Health, Jens Young, announced that his country had decided to classify South Africa as part of the “Corona” mutations due to the new mutant “B.1.1529”. Effective from last night. He explained that only airlines would be allowed to repatriate German citizens from there to Germany.

If necessary, Span said, this would apply to South Africa’s neighbors as well.

In turn, the European Union announced plans to suspend flights from South Africa in light of growing concerns about a new strain of the “corona” virus spreading in South Africa.

European Commission President Ursula van der Leyen tweeted: “The federation is proposing, in close coordination with member states, to implement emergency brakes to halt flights from South Africa. New modified strain. ”The move comes just days after the EU revised its travel rules to facilitate travel between its member states.

For its part, Israel and Britain announced on Thursday that they would impose new travel restrictions in several African countries due to concerns about a new strain of the “corona” virus. Travel restrictions are another blow to the aviation sector, whose recovery process was hit by the fourth wave of corona epidemics this month, causing new series of closures in Europe.

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