Airlines around the world are predicted to lose around €50 billion euro collectively in 2021.
It's due to a slower return to international travel than expected, but is over half of the total loses last year.
Travel was down by 85% for the first half of the year compared to 2019, according to analysis by KPMG.
However the company's head of aviation, Joe O'Mara, believes airlines can feel optimistic going forward.
"if you go back to the last two downturns - after 9/11 people were afraid to fly, it took a long time things to come back , after the economic crash people didn't have the money to fly.
"What we're seeing here is when we get past this health crisis, I think think there's a pent up demand, and the hope is that will come through."
