Views Article – Sharenet Wealth

News, North America

Latest China virus outbreak revives fears of 2003 SARS fallout

Jan 21 (Reuters) – The death toll from a flu-like virus in China climbed to six and new cases surged beyond 300 on Tuesday, sending shivers through global markets as investors recalled the fallout from the Severe Acute Respiratory Syndrome (SARS) outbreak in 2002/2003.

Although it is too early to assess the possible financial impact of the latest outbreak, here is a look back at the havoc the SARS virus wreaked on global airlines and economy:

** The SARS coronavirus killed nearly 800 people, with Asia-Pacific airlines losing 39 billion revenue passenger kilometers (RPKs) or around 8% of annual traffic in 2003, according to the International Air Transport Association (IATA)

** That is estimated to have cost $6 billion in lost revenue for carriers in the Asia-Pacific region

** North American airlines lost 12.8 billion RPKs or 3.7% of total international traffic, at an estimated revenue loss of $1 billion

** Global cost from SARS estimated at $33 billion, or 0.1% of world GDP in 2003

** Damage to the economies of China and Hong Kong pegged between 1% and 3%, while total East Asian losses estimated at $20 billion

** Hit to Canada estimated at around $5 billion or 0.6% of its GDP, while impact to the U.S. economy put at over $7 billion

(Compiled by Ankit Ajmera in Bengaluru; Editing by Sriraj Kalluvila)


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