United Airlines says that its CEO and president will forgo their bases salaries through until the end of June, CNBC reports, as airlines are shaken by the impact of the coronavirus.

Passenger fears have hit demand, and the United has already announced dramatic cuts to its schedule both domestically and internationally. JetBlue, American Airlines and Delta Air Lines are making similar cuts.

The International Air Transport Association (IATA) has updated its analysis of the financial impact of the coronavirus on the global air transport industry, now seeing 2020 global revenue losses for the passenger business of between $63bn, in a scenario in which the outbreak is contained, and $113bn, in a scenario with a broader spread of the virus.

United announced it would cut its North American flight schedule by 10 per cent in April, and its international schedule by 20 per cent. These cuts would likely last up and beyond May, and depending on demand.

Delta is making the biggest cuts to capacity, announcing on Tuesday that it will reduce international flights by as much as 25 per cent and domestic capacity up to 15 per cent. These cuts include up to a 20 per cent drop in Transatlantic services and a 65 per cent reduction to routes across the Pacific.

American will cut 10 per cent of capacity from its peak summer schedule, including slashing 55 per cent capacity from flights to Asia. Flights to mainland China were halted several weeks ago, and that will be extended until October. The airline is suspending routes from the US to Rome, Milan, Venice, Madrid, Barcelona and Paris. In April, domestic capacity will be cut by 7.5 per cent.

JetBlue is cutting its schedule by 5 per cent and will continue to monitor the situation, making adjustments where required, depending on demand.

Southwest Airlines CEO Gary Kelly will take a 10 per cent pay cut, but to date the airline has not cut any flights of routes.

Airports empty as Coronavirus affects aviation industry Show all 11 1 /11 Airports empty as Coronavirus affects aviation industry Airports empty as Coronavirus affects aviation industry Ben Gurion International airport, Israel Empty El Al Israel Airlines check-in counters are seen at Ben Gurion International airport in Lod, near Tel Aviv, Israel February 27, 2020. REUTERS/Amir Cohen AMIR COHEN Reuters Airports empty as Coronavirus affects aviation industry Daxing International Airport, Beijing This picture taken on February 14, 2020 shows two men wearing face masks walking through a nearly empty terminal at Daxing international airport in Beijing, as travel has ground to a halt in the wake of the the COVID-19 coronavirus outbreak. (Photo by NICOLAS ASFOURI / AFP) (Photo by NICOLAS ASFOURI/AFP via Getty Images) NICOLAS ASFOURI AFP via Getty Airports empty as Coronavirus affects aviation industry Taoyuan International Airport, Taiwan epa08238057 The empty departure hall of the No 2 Terminal at the Taoyuan International Airport in Taoyuan City, northen Taiwan, 22 February 2020. The coronavirus causing COVID-19 disease which originated from Wuhan, China, has devastated Taiwan's tourism and aviation industries, forcing airlines to cancel flights and travel agencies to lay off workers or close. EPA/DAVID CHANG DAVID CHANG EPA Airports empty as Coronavirus affects aviation industry Noi Bai International Airport, Vietnam A woman walks in the nearly empty arrival hall of Noi Bai International Airport in Hanoi on February 27, 2020, as the number of air travellers has plummeted amid fears over the spread of the COVID-19 coronavirus. (Photo by Mladen ANTONOV / AFP) (Photo by MLADEN ANTONOV/AFP via Getty Images) MLADEN ANTONOV AFP via Getty Airports empty as Coronavirus affects aviation industry Haneda Airport, Tokyo A man wearing protective face mask, following the outbreak of the coronavirus, pushes his luggage past desks, closed for construction, at Haneda Airport in Tokyo, Japan, March 4, 2020. REUTERS/Stoyan Nenov STOYAN NENOV Reuters Airports empty as Coronavirus affects aviation industry Changsha Huanghua International Airport, China A woman wearing a face mask stands in the empty luggage collection hall at the airport in Changsha, Hunan Province, as the country is hit by an outbreak of a new coronavirus, China, January 27, 2020. REUTERS/Thomas Peter THOMAS PETER Reuters Airports empty as Coronavirus affects aviation industry Shanghai Pudong Airport in Shanghai, China epaselect epa08194188 A passenger wearing a protective mask stands in the empty hall of Shanghai Pudong Airport in Shanghai, China, 04 February 2020 (issued 05 February 2020). Major global airlines have canceled their flights to mainland China to contain the spread of the deadly coronavirus, which has so far killed at least 493 people and infected more that 24,000, mostly in China. EPA/ROMAN PILIPEY ROMAN PILIPEY EPA Airports empty as Coronavirus affects aviation industry Daxing International Airport, Beijing This picture taken on February 14, 2020 shows a salesclerk wearing a protective face mask and gloves (R) at an empty duty free shop at Daxing international airport in Beijing, as travel has ground to a halt in the wake of the the COVID-19 coronavirus outbreak. (Photo by NICOLAS ASFOURI / AFP) (Photo by NICOLAS ASFOURI/AFP via Getty Images) NICOLAS ASFOURI AFP via Getty Airports empty as Coronavirus affects aviation industry Haneda Airport, Tokyo An empty departures gate is pictured at Haneda Airport in Tokyo, Japan, March 4, 2020. REUTERS/Stoyan Nenov STOYAN NENOV Reuters Airports empty as Coronavirus affects aviation industry Shanghai Pudong Airport in Shanghai, China epa08194181 Passengers wearing protective masks sit in the empty hall of Shanghai Pudong Airport in Shanghai, China, 04 February 2020 (issued 05 February 2020). Major global airlines have canceled their flights to and from mainland China to contain the spread of the deadly coronavirus, which has so far killed at least 493 people and infected more that 24,000, mostly in China. EPA/ROMAN PILIPEY ROMAN PILIPEY EPA Airports empty as Coronavirus affects aviation industry Noi Bai International Airport, Vietnam Passengers with protective facemasks walk with their luggage in the empty arrival hall of Noi Bai International Airport in Hanoi on February 27, 2020, as the number of air travellers has plummeted amid fears over the spread of the COVID-19 coronavirus. (Photo by Mladen ANTONOV / AFP) (Photo by MLADEN ANTONOV/AFP via Getty Images) MLADEN ANTONOV AFP via Getty

Airlines and travel companies across the world are suffering due to falling passenger numbers — most notably the collapse of FlyBe in the UK. Elsewhere, China's largest online travel company, Trip.com, has announced that its CEO and chairman will both stop taking a salary, and senior management will take voluntary pay cuts. Lufthansa and Qantas are also planning to ground their fleets of Airbus A380s as part of their capacity cuts.

The Trump administration intends to support the travel industry through this challenging time, working with airlines, hotels, and cruise lines. It is unclear what a support package might look like.