Airbus is reviewing its 2020 delivery targets, issued barely three weeks ago, as the global spread of coronavirus in recent days through Europe and into the US pushes the aviation industry into crisis mode.

Passenger demand plunged sharply at the weekend, forcing carriers around the world to freeze hiring and  slash the number of flights, including on lucrative transatlantic routes. Iata, the airline trade body, will on Thursday significantly increase its estimate of the hit to global sales as a result of the virus. Just 12 days ago it estimated a near-$30bn impact, based largely on the reduction in flights to and from China.

Current data show a 2.8 per cent fall in global aircraft capacity this year, according to aviation data consultancy, Ascend, against Iata’s expectations late last year for growth of 4.7 per cent in 2020.