JetBlue (NASDAQ:JBLU)`s CEO said Tuesday demand for airline flights has fallen more in response to the coronavirus than it did after 9/11.
Robin Hayes told the media the industry saw a 30% decline in demand from August 2001 to October 2001.
"Right now, what we’re seeing as we go into March and April is something that has dropped off more than that," he said.
Southwest Airlines (NYSE:LUV) CEO Gary Kelly also recently said the coronavirus has created a fear of flying that has a "9/11-like feel."
Hayes’ comments Tuesday come shortly after United Airlines (NASDAQ: UAL) said it has experienced a 70% net drop in domestic bookings in the last few days.
United President Scott Kirby added that gross bookings, which he said are a better measure of current demand, are down 25%.
The decline in bookings caused JetBlue to pull its first-quarter and full-year earnings forecast on Monday. Like many other airlines, JetBlue is making adjustments to its flight schedules between March and early May.
Hayes stressed the strength of JetBlue’s balance sheet, arguing the company "has spent 10 years planning" for another demand downturn like the airline industry experienced during the financial crisis. The company has around $1.2 billion in liquidity, he said.
"Even if this is something that lasts for a very long time, JetBlue is very well equipped to cope," he said.
JBLU shares shunted lower 94 cents, or 6.5% to $13.64.
