Norwegian is cancelling about 3,000 flights till mid-June following a drop in demand from the coronavirus outbreak.

That is about 15pc of the airline’s total ability for this time period.

The organization has also set various other measures in spot, like temporary layoffs of a “important share of its workforce”.

Influenced buyers will be educated about cancellations.

Main executive Jacob Schram stated: “Unfortunately, cancellations will have an affect on a important share of our colleagues at Norwegian. We have initiated formal consultations with our unions concerning temporary layoffs for traveling crew users as effectively as workforce on the ground and in the offices.”

He added: “This is a critical time for the aviation marketplace, like us at Norwegian. We persuade the authorities to right away employ measures to imminently decrease the economic stress on the airlines in order to guard critical infrastructure and positions.”

The Telegraph described on Sunday that Arrowstreet Cash, a $106bn (£81bn) hedge fund introduced by Uk-born Harvard professor John Campbell, is amongst investors betting Norwegian will be the next airline to fail.

Numerous airlines have slashed ability to and from Italy in the wake of the nationwide lockdown announced on Monday.

Ryanair will suspend all flights till April 8, though British Airways has also stopped traveling to Italy.

EasyJet carries on to function a small selection of flights to the nation.