Korean Airlines President, Woo Kee-hong told employees in an internal memo, published by Reuters, that the airline has cut 80 percent of its total capacity and may have to cut far deeper. Compared to a reduction of 18 percent during the Asian financial crisis in 1997, this is vastly more dangerous for the airline. He warned that “the situation could get worse at any time”, and depending on how long it will last, he “cannot not guarantee the survival of the airline”. Most analysts give the airline around 45-60 days.
Korea has been especially hard hit by the Covid-19 pandemic, with a sect of christians having come back from Wuhan spreading the disease, refusing to say who they’d been in contact with until it was almost out of hand.
Japan has banned all flights to and from Korea, virtually all international flights have stopped and KoreanAir is limited to a handful of domestic flights.
Asiana is also in desperate straights, having had to withdraw almost all of its schedule and all of its A380’s from service.
Korean has completely withdrawn its 748i and A380 fleets for the forseeable future.