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S. Korea's 3-T Won support to airlines way behind advanced economies
South Korea's plan of extending 3.2 trillion won to its airlines lags far behind advanced countries' amount of government support extended to its airline industries.
Out of the 3.2 trillion won, 2.9 trillion won is allocated to full-service carriers while 300 billion won is earmarked to low-cost airlines.
Meanwhile, the United States' setting aside 30.4 trillion won for its airline industry, while Germany is apportioning 12 trillion won to support Deutsche Lufthansa AG, the country's biggest carrier.
Meanwhile, France is appropriating a 9.5 trillion won support for its national flag carrier, Air France.
The Federation of Korean Industries, which called the airline industry backbone of the Korean economy, urged the government to increase financial support for domestic airlines that mainly serve international routes.
The International Civil Aviation Organization projected that global passenger travel demand would plummet by up to 71 percent this year from a year earlier.
The International Air Transport Association also forecasted a combined net loss of $84.3 billion for the global airline industry.