Icelandair Group: Further measures in response to the COVID-19 pandemic

The aviation and travel industries are facing tremendous uncertainty regarding the near future, as to when travel restrictions will be lifted, and demand will start to increase again. Currently, Icelandair is only operating a few scheduled flights a week. To respond to continued uncertainty, Icelandair Group’s management has started preparing for an extended period where the Company’s operations are expected to remain at a minimum level. Extensive measures will therefore be taken during this month that will include a considerable reduction in the number of employees and changes to the organizational structure. At the same time, necessary core operations will be secured to maintain the flexibility needed for the Company to be able to scale up quickly when markets begin to recover again. Further details on the measures will be announced before the end of the month.