The skies emptied all over the world at the peak of the pandemic, as flights came to an almost complete halt for six months due to stringent travel restrictions. And Latin America’s aviation industry, including many of its largest airlines, reached the brink of bankruptcy.
But the worst has now seemingly been left behind, and airlines are reclaiming the skies after weathering the complex Covid storm, although a trend toward consolidation is also taking shape as a longer-term effect of the crisis.
Chile’s flagship carrier, Latam — the largest in the region — recently announced a profit of USD 145 million for the second quarter of 2023. Even more telling is its operational resurgence to 93 percent of 2019 pre-pandemic levels, an indicator that the journey towards full recovery is underway.
“After three long years of crisis borne out of the pandemic, for the first time I can feel we are back to normal territory,” said Roberto Alvo, CEO at Latam Airlines. “Last quarter, we operated at more than 90 percent of our pre-Covid capacity and flew to 143 destinations, the same number as in 2019.”
Despite ongoing improvements, the executive remained prudent. “While we are continuously enhancing our operations, it’s essential to acknowledge the unpredictable nature of our environment. [We have] dedicated significant effort to enhance our readiness in confronting the inherent uncertainty in which we operate.”
The pandemic shutdown exposed unforeseen vulnerabilities for...
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