Munich Airport operator Flughafen München and its subsidiaries have implemented far-reaching steps designed to secure the airport’s liquidity.
These include a group-wide set of measures restricting personnel and material costs. As a result, planned investment projects such as the western parking facility, the new corporate headquarters and the new budget hotel have been postponed until further notice
Jost Lammers, president and CEO of Munich Airport, explained, “We are experiencing a crisis in global air transportation on an unprecedented scale, with no end in sight. Protecting the health of the passengers and employees at Munich Airport remains our top priority. Another vital concern is to limit the enormous economic damage for the airport and the people working here by taking all necessary measures to preserve our financial stability.”
In keeping with its role as critical infrastructure, Munich Airport will continue to operate, helping ensure that returnees can get home and that cargo shipments keep moving quickly. More than 100 out-of-service aircraft are parked the airport, while currently unused infrastructure in the A, B and D areas of Terminal 1 and the Terminal 2 satellite facility has been temporarily shut down.
“Our goal this year is to adjust our economic and financial fundamentals to the current situation and the dry spell that lies ahead. In doing so, we will benefit from Munich Airport’s strong economic performance over the years and especially in 2019,” explained Lammers.
With regard to the long-term outlook for the entire industry and Munich, however, the airport’s CEO is looking ahead with confidence, citing the extensive experience gained from past crises in the world of aviation.
“The effects of the coronavirus crisis far exceed the impact of the terrorist attacks of September 11, 2001, or the global financial crisis in 2008. Consequently, it may take significantly longer this time before demand returns to the previous level. Nor can we rule out structural changes in air traffic. But I have no doubt that the global need for mobility will increase in the medium term and that air travel will therefore return to growth once more,” concluded Lammers.
