Air Europa’s parent company has run out of money

The President of Globalia, the company that owns Air Europa and other tourism-based organisations, has expressed the conglomerate’s unparalleled need for government aid at a summit organised by the Spanish Confederation of Business Organisations (CEOE).

An Air Europa Boeing 787. Photo by Devin Ruhotina | AeroNewsX

“We are out of money...we’re dry...I don’t know how we will survive,” explained Juan Jose Hidalgo.

The President also mentioned that he predicts it will take three or four years for the tourism industry to recover, highlighting the need for state aid at this critical time.

“If they [the government] don’t give aid to the tourism sector; we will last less than a newscast.”

Juan Jose Hidalgo added that Air Europa spends approximately EUR1.1 million every month for each of its Boeing 787s. The airline has 16 in its fleet.

He concluded: “It is impossible that we can get out of this by ourselves.”

The President said that Air Europa had resumed approximately 20% of its operation, comprising flights domestic flights namely to the Canary & Balearic Islands as well as to Ibiza. The carrier has also resumed a select number of European services.

However, the President noted how risky such a move was, considering that they don’t have a clue how bookings will be taking into account the coronavirus crisis. He described the situation as “launching into space.”

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