of less than 40 in the first half of 2020. as traffic may not return to pre-pandemic levels until 2024, older, less fuel-efficient, and higher-maintenance aircraft retirement is accelerating, including the boeing 777, airbus a330 and airbus a380. they are replaced with newer airbus a350 and boeing 787s, as a surplus of used aircraft is expected until 2030. by the third quarter of 2020, china southern became the first of the large chinese carriers to return to profitability, while air china and china eastern managed to narrow their losses, helped by domestic travel recovery by september after traffic bottomed out in february—but international demand is still in the doldrums. by may 2021, 7,850 airliners were still in storage, down from a peak of 16,522 in april 2020. as us traffic recovers, networks are evolving towards more point-to-point transit to leisure destinations, bypassing major airline hubs while business travel is still lagging. the aggregation of the 66 largest airlines with public financials showed a revenue falling by 60% from $658bn in 2019 to $262bn in 2020, while net profits went from $17bn to a $140bn loss, a $157bn decrease. by the end of 2021, the global airline industry had returned to 79% of its pre-covid size according to airline business, using an index from 13 of the largest airline groups: 86% of the workforce size, 96% of the fleet size, 71% of the revenue and 62% of the passenger numbers. in the final quarter of 2022, the same index was at 105% of the 2019 activity: 84% of passenger numbers with higher fares due to strong demand and constrained capacity, 97% of the fleet size, 92% of the employee number. aerospace manufacturers as demand plummeted, values fell 2% to 22% between january and may 2020 for five-year old aircraft, and lease rates by 4% to 26%. by august, values fell further by 9% to 25% since january, and lease rates by 12% to 45%. by november, market values of 20-year-old large single-aisles had fallen by 22% to 29% while their lease rates had fallen by 44% to 50%, and market values of 20-year-old widebody twins had fallen by 15 to 35% while their lease rates had fallen by 20 to 44%. as the pandemic reduced demand for new jets in early 2020, manufacturers trimmed airliner production rates and were producing aircraft they are unable to deliver. airbus cut its monthly production from 60 to 40 a320s, from 4.5 to two a330s, and from nine to six a350s. boeing reduced its output per month from 14 to six 787s, from five to two 777s, and 737 max production was already halted, as a rate of 31 per month was targeted by early 2022. bloomberg was expecting airbus and boeing to deliver 30 jets monthly each in 2021, mostly for single-aisles. in 2020, deliveries were down by more than 50% compared to 2019, after 10 years of growth. cirium forecasts a traffic recovery towards 2024 and a 3.3% growth per year over 20-years, needing 43,315 airliner deliveries. the projection is 8% less than before the crisis, while retirements are accelerated. airbus reduced its wing production on factories in broughton, filton and bremen, and reduced working hours in the sites. its french and spanish sites suspended production for several days before a partial resumption on 23 march. monthly production was cut to four a220s, forty a320s, two a330s and six a350s. airbus delivered 122 aircraft in the first quarter, 40 fewer than in the previous year, and 60 could not be handed over due to travel restrictions. airliner revenues were down 22% to €7.5 billion, earnings dropped by 82% to €57 million, and their adjusted ebit was down 59% to €191 million. the company free cash flow was a negative €8 billion, including the €3.6 billion bribery penalties, similar to the negative €4.3 billion of the previous year without. for the first quarter, airbus' total adjusted ebit was halved to €281 million, and it made a net loss of €481 million (compared to a €40 million profit in the previous year). in 2020, capital expenditure should be reduced by €700 million to €1.9 billion. boeing froze hiring and reportedly laid off employees due to a large number of cancellations, which outpaced new orders in february 2020. on 11 march, it was revealed that boeing was to exercise its whole us$13.8 billion loan facility (which it secured in february). prior to the pandemic, boeing's business had been impacted by groundings of its 737 max aircraft. by 7 april, boeing had indefinitely suspended production at boeing south carolina and puget sound, washington, completely halting the assembly of its commercial aircraft. on 21 april, boeing announced a management structure overhaul. on 27 may, it announced plans to lay off 12,000 employees, while it reported zero new orders in april 2020. in october, it announced plans to lay off thousands more employees through the following year, with the expectation that it would end 2021 with 19% fewer employees than its pre-pandemic workforce. bombardier on 26 march 2020 announced a suspension of most canadian production in ontario (for 2 weeks) and quebec (until 13 april), in addition to halting production in northern ireland. 12,400 bombardier employees in canada (70 percent of the workforce) were furloughed. cfm international deliveries of cfm leap engines across the first nine months of 2020 fell to 622 from 1,316 in the same period in 2019, and 123 cfm56s against 327, while leap fleet cycles were down 15% year-on-year and cfm56 cycles were 48% lower. embraer reported deferment of orders of its commercial aircraft. it also suspended its financial guidance for 2020. general electric announced on 23 march 2020 that it would cut one tenth of employees in its jet engine arm, amounting to around 2,500 employees, in addition to furloughing around half of its maintenance and repair staff. mitsubishi in may 2020 halved the budget of its spacejet programme and repatriated all work from the us to japan. in october 2020 it announced a further budget reduction and put almost all spacejet activities on hold. rolls-royce planned to cut 9,000 jobs, mainly in its civil aerospace division, and mainly affecting its uk site at derby. textron inc., the parent company of textron aviation and bell helicopter, announced a 1,950 jobs layoff. united aircraft corporation, russian industry and trade minister said "is quite balanced as a production unit". because recovery is quicker in russia than abroad, the production program is drafted for 2020–2021. also, the market will require up to 1,500 new civil jets within the next 15 to 20 years, adding that there is scope for optimism in the domestic industry. on 25 april 2020, boeing announced it had terminated the planned boeing–embraer joint venture after the 24 april delay expired, attributing it to embraer's failure to meet conditions. later the same day, embraer asserted that it had satisfied the conditions for consolidation to proceed, and that it would seek compensation for boeing's allegedly wrongful termination of the deal. aviation analyst scott hamilton believed the collapse in demand for airliners caused by the pandemic and the resulting cash constraints motivated boeing's defection, along with the desire to avoid the perception that it was using government pandemic relief funds for foreign investment. airports parked planes in may 2020 at victorville, california; teruel, spain; lourdes, france; alice springs, australia queues to the security control at amsterdam airport schiphol in june 2022 from march 2020, various united states airlines stored hundreds of disused aircraft at southern california logistics airport and roswell international air center. runways and taxiways at frankfurt airport, hartsfield–jackson atlanta international airport, and tulsa international airport were closed and used as aircraft storage areas by lufthansa, delta air lines, and american airlines respectively. ciudad real international airport and madrid airport benefited from medical equipment cargo corridors from china. by mid-april 2020, airports council international (aci) observed a 95% fall in traffic in 18 airports in major aviation markets in asia-pacific and the middle east. on 27 april 2020, westchester county airport closed to airlines for about a month for a major runway repaving project, which was originally scheduled to be undertaken in stages late at night over the span of four months. the decision to close and expedite the project was made because the number of daily flights had fallen drastically. this was the first total closure of a united states commercial airport for pandemic-related reasons. various airlines from outside australia stored aircraft at alice springs airport. on 5 may 2020, aci world estimated that in 2020, passenger traffic worldwide would amount to less than half of what was previously projected for the year. uk airports axed expansion plans valued at £1 billion. in may 2020, dallas/fort worth international airport (dfw) was the world's busiest airport measured by aircraft movements despite significantly lower traffic than normal. american airlines diminished point-to-point routes and instead sent flights through its dfw hub, creating traffic volumes surpassing those at the normally busier o'hare international airport and hartsfield–jackson atlanta international airport by substantial margins. in may 2020, salt lake city international airport reported that an in-progress redevelopment project would be sped up by as much as two years by the pandemic. lower passenger numbers meant that larger areas of the airport could be closed much earlier than expected for demolition and renovation, saving up to $300 million for the project overall. orly airport in paris was closed to commercial traffic from 1 april to 25 june 2020. in europe, some of the airports that saw the most parked airliners during the pandemic were ciudad real international airport, madrid airport, teruel airport and istanbul airport. in late october 2020, aci europe stated that 193 (mostly regional) of the 740 airports in europe were risking bankruptcy. coronavirus related travel restrictions imposed in 2020 reduced traffic by 70% at the dubai international airport. the number of travellers through this tourism hub dropped to 25.9 million in 2020. as compared to q1 of 2020, dubai international airport's passenger traffic has plunged 67.8% to reach 5.75 million in q1 of 2021. along with the main airports in tokyo, los angeles, london, chicago and paris, dubai has also dropped out of the top 10 rankings for total passengers last year. on 17 july 2021, aci world estimated that global passenger traffic in 2020 was reduced by over 5.9 billion passengers, a loss of 62.3% of what was estimated for the year. in 2021, the loss is estimated at just over 5 billion passengers, representing 50.9% of the total estimated for the year. in summer 2022, many airports experienced extraordinary long delays and a large number of cancelled flights, as a consequence of the pandemic. in particular, at amsterdam airport schiphol, the pandemic lead to recession of air traffic and subsequently to the shortage of security staff and walkout of baggage handlers, which resulted in hours long queues. regulators in march 2020, the united states federal aviation administration (faa) announced that it would not take enforcement action against pilots whose medical certificates expired between 31 march and 30 june, due to the difficulty of scheduling appointments with certified aviation medical examiners. in june, the faa expected that the exception would be extended. the faa announced on 23 april 2020 a reduction in the operating hours of over 100 control towers and terminal radar approach control facilities, citing a drop in air traffic of as much as 96%. pilots were advised that certain air traffic control services and instrument landing system approaches may be periodically unavailable. government on 8 june 2020, the austrian conservative–green coalition government concluded a support deal for austrian airlines (a subsidiary of lufthansa) for €150 million in taxpayer grants, and €300 million in banking loans that are to be paid back. this was significantly less than expected (austrian airlines had applied for €767 million), and came under the stringent conditions (some of which also applied to other airline companies operating in austria) to restrict short-distance airline operations, to ban cheap tickets below €40 and include a €12 environmental tax to each ticket, and to half its co2 emissions by 2030. other organizations many united states general aviation social events and fly-ins scheduled for the spring of 2020 were cancelled or postponed, including sun 'n fun and several conducted by the aircraft owners