Austrian Airlines expects company to be one-fifth smaller in 2022

Reuters has reported Austrian Airlines expects its business to be 20% smaller by 2022, the company said.

The air carrier said it has cut the number of its employees by around 1,100 from 7,000 currently.

Austria has agreed an EUR 450 million bailout for the group that will protect Vienna as a transit hub and safeguard the bulk of the flag carrier´s jobs, the government said on Monday.

The company said its goal in 20220 is to be 80% of the former size of the company in 2022, which from today´s perspective would mean 1,100 employees too many.

The bailout deal amid the coronavirus pandemic comprises 300 million euros in loans by a banking consortium, 90% of which will be guaranteed by the state, and 150 million euros in grants.