Global airlines stand to lose $113 billion in sales if the coronavirus outbreak continues to spread, according to the International Air Transport Association. The airline stocks have been also seriously hit.

Amid the coronavirus spread, except cruise-liner stocks that were affected the most, the second one on the hit is the airline sector. Shares of American Airlines Group Inc. are continuously falling a few days in a row.

Southwest Airlines Co stock was plummeting 4.20 percent to $43.35 in the premarket session while Delta Air Lines Inc stock was down 4.02 percent to $43.20. United Airlines Holdings Inc. stock was down 6.01 percent to $48.49.

The industry has obviously taken a tremendous hit by the travel slowdown. Airplanes are ghostly empty and everybody is wondering is that a bottom edge.

Already, shares of Spirit Airlines Incorporated, Hawaiian Holdings Inc and American Airlines Group Inc. are down around 40 percent year to date, and many other airline stocks are not far behind.

United Airlines recently announced it is cutting its flight schedule for April as the coronavirus outbreak continues to impact demand. United’s domestic schedule will be reduced by 10 percent, while international flights will be cut back by 20 percent.

The airline has revealed it sees a decline in near-term demand in Asia amid the COVID-19 outbreak. The near-term demand in trans-Pacific routes, excluding China showed a drop of 75 percent, with the decrease in demand in China nearing 100 percent.

The International Air Transport Association at the weekend said the coronavirus could cost airlines approximately $113 billion in lost 2020 revenue worldwide. That’s a lot more than the $29 billion estimate it had forecasted just weeks ago.

Already, British regional carrier Flybe announced on it has entered administration. The collapse of the company comes due to the failure to raise enough funds combined with the coronavirus-related lack of bookings.