IAG’S policy throughout the pandemic has been to rely on private finance rather than seeking huge amounts of state aid. Where does this leave IAG now? Over the two years (2020‐21) IAG has produced total underlying operating losses of €7.4bn and net losses of €7.8bn — including exceptional items that loss totals nearly €10bn — while it only recognised an average of €8bn in revenues a year, 30% of its 2019 peak.
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