Private jet companies loses €40m in one day as bookings freeze

As airlines across the world are grounding their planes, Luxembourg private jet company Luxaviation is also bearing the financial brunt of the coronavirus lockdown, losing €40 million in one day.

The looming lockdown initially led a number of wealthy people to book a private jet to fly them home, but that did not last, Luxaviation Group Chief Executive Officer Patrick Hansen said. This week marked the first time in the company's 11-year history that all of its 250 aircraft were grounded, he said.