Airline capacity in Austria and Germany is once again moving away from pre-pandemic performance levels, as Covid-19 cases surge in the countries. Through most of the summer and autumn the gap between performance in 2019 and 2021 was closing; even when capacity levels declined, it was generally at a slower rate than normally happens into the winter season, a sign that travel markets were returning to trend. However, since around 10 November this dynamic has changed. In 2019 there was a rise in capacity as measured by number of flights and hours around this period, yet this bounce has tallies with higher Covid-19 rates.
German chancellor Angela Merkel said on 18 November that a fourth wave of the disease was "hitting us with full force". In Austria, the government has announced a return to a general lockdown from 22 November as cases in the country spike. There have been reports that Germany could follow suit in the coming days. Airlines have noted the strong link between customer bookings and Covid-19 cases and regulations. Higher incidence of the disease hits sales sharply.
In its interim report for the first nine months of the year, Lufthansa Group, which includes Austrian Airlines, warned that there was "still a large number of political risks in connection with the coronavirus pandemic that could impact the company's finances". It highlighted that "variants of the virus continue to drive tighter measures and travel restrictions imposed at short notice (for example border closures, bans on transportation, quarantine regulations)", adding: "There is a risk that states will seal themselves off (again) due to the spread of the coronavirus and reduce agreed international air traffic." With cases surging and fresh lockdowns being imposed, it appears these risks may be turning into reality. Airline stocks have reacted to fresh lockdowns in Austria and surging cases more broadly with sharp selloffs. IAG and EasyJet share prices were both down 4% on the day in late-afternoon trading on 19 November. Smaller falls were recorded across the remainder of the continent's carriers. Instead, capacity levels have sunk and the gap with two years earlier has begun to widen again.

Air Canada will withdraw from further financial support by the government of Canada due to its improved liquidity as travel recovers in that nation following the loosening of its international travel rules in September. The support package announced in April offered the Montreal-based carrier access to interest bearing loans of up to C$5.37 billion ($4.25 billion) through several separate credit facilities, the flag carrier says. The support, under the large employer emergency financing facility, also provided C$500 million in equity for a total of C$5.87 billion in liquidity. The package consisted of a C$1.5 billion secured revolving facility and three separate C$825 million unsecured revolving credit facilities. The airline says it has only accessed about C$1.2 billion of the C$1.4 billion unsecured facility solely dedicated to refunding customers' non-refundable tickets. All other remaining facilities totalling C$3.97 billion have not been used. Air Canada was entitled to terminate them at any time without penalty under the terms of its agreement. The government purchased C$500 million worth of Air Canada common shares at C$23.18 per share, representing about 6% of the current public float, which it continues to hold. The airline also issued about 14.6 million 10-year warrants to the government for the purchase of an equal number of Air Canada shares, at a price of approximately C$27.2 per share. With the termination of the operating credit facilities, half of these warrants, which have not yet vested with the government, have been cancelled immediately. Subject to the Toronto approval, Air Canada intends to call the balance of the vested warrants for cancellation as per their terms at fair market value. In the third quarter, Air Canada completed a series of financing transactions and generated about C$7.1 billion in gross proceeds. These financing transactions provided substantial liquidity to Air Canada and extended debt maturities out until near the end of the decade, the airline says. As of 30 September, Air Canada reported that its unrestricted liquidity was approximately C$14.4 billion and consisted of roughly C$9.5 billion in cash and cash equivalents, short-term and long-term investments and about C$4.9 billion in available undrawn credit facilities, including the C$3.97 billion in unused government facilities being cancelled.

Qatar Airways has welcomed Boeing's 777-9 test aircraft to Doha International airport for the first time. The twin-engine jet will remain in Qatar before returning to Seattle’s Boeing Field to continue its rigorous test programme, says the airline, a global launch customer of the jet. The aircraft, which is expected to join the airline’s fleet in the near future, is claimed to deliver 20% lower fuel consumption and emissions than previous generation aircraft. Key technologies are its new carbon-fibre composite wing, new engines and natural laminar flow nacelles. Qatar Airways Group’s chief executive Akbar Al Baker states: “It was back in 2013 that Qatar Airways Group initially announced its planned investment in the Boeing’s latest generation aircraft. “After visiting the Boeing factory in Everett, Washington in September 2018, we had the opportunity to view the 777-9 up close in person, but today marks the first chance for the airline and our esteemed VIP guests to witness our significant commitment to this aircraft here in Qatar as it arrives for the first time.”