Norwegian is cancelling about 3,000 flights until eventually mid-June pursuing a decrease in demand from customers from the coronavirus outbreak.
That is about 15pc of the airline’s total ability for this time period.
The company has also set numerous other measures in spot, such as momentary layoffs of a “sizeable share of its workforce”.
Afflicted consumers will be informed about cancellations.
Chief executive Jacob Schram mentioned: “Unfortunately, cancellations will have an effect on a sizeable share of our colleagues at Norwegian. We have initiated formal consultations with our unions pertaining to momentary layoffs for flying crew customers as nicely as employees on the floor and in the offices.”
He additional: “This is a crucial time for the aviation sector, such as us at Norwegian. We inspire the authorities to instantly put into action measures to imminently lessen the fiscal load on the airlines in purchase to defend critical infrastructure and jobs.”
The Telegraph documented on Sunday that Arrowstreet Money, a $106bn (£81bn) hedge fund launched by Uk-born Harvard professor John Campbell, is between traders betting Norwegian will be the next airline to fail.
Many airlines have slashed ability to and from Italy in the wake of the nationwide lockdown announced on Monday.
Ryanair will suspend all flights until eventually April eight, whilst British Airways has also stopped flying to Italy.
EasyJet proceeds to function a tiny selection of flights to the nation.