Toronto Pearson Passenger Traffic Plunged 74% Last Year, Report Says
March 24, 2021 ctn_admin
The Greater Toronto Airports Authority reports a whopping 73.6% decrease in passenger activity for 2020, compared to the previous year.
“Our full-year passenger and financial results make clear the impact that COVID-19 has had on Toronto Pearson,” said Deborah Flint, President and CEO, Greater Toronto Airports Authority (GTAA). “While we have pushed toward leading hygiene practices, and advocated for a stronger approach to passenger testing, there is more that must be done with our government and aviation sector partners to develop a recovery framework that permits the safe restart of air travel.
“Canada’s airports must be given the tools they require to rebound in a post-COVID world or our aviation sector and the country’s competitiveness will suffer.”
The COVID-19 pandemic and resulting economic contraction has had, and is expected to continue to have, a negative impact on demand for air travel globally. Toronto Pearson has experienced material declines in passengers and flight activity during 2020, as compared to the same periods in 2019.
Due to the pandemic and the resultant severe financial impacts and economic contraction, there have been multiple travel restrictions including border closures and flight and route cancellations by air carriers. The reduced activity is having a material negative impact on the GTAA’s business and results of operations, including aeronautical and commercial revenues and airport improvement fees.
The GTAA has implemented significant reductions to operating and capital expenditures, including the reduction in the 2020 capital spend by $265 million and temporary closure of over 40 per cent of its terminal facilities. In addition, the reduction of approximately 500 positions announced in July 2020, represents a reduction of 27 per cent of the GTAA’s workforce.
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