International Airlines Group (IAG) - parent of British Airways, Aer Lingus and Iberia - has reported a catastrophic loss of €1.3B in 3Q2020 vs. a €1.4B profit in 3Q2019.

Accordingly, per IAG preliminary 3Q2020 results released this morning by CFO Stephen Gunning,

"Recent overall bookings have not developed as previously expected due to additional measures
implemented by many European governments in response to a second wave of COVID-19 infections,
including an increase in local lockdowns and extension of quarantine requirements to travellers from an
increasing number of countries. At the same time, initiatives designed to replace quarantine periods
and increase customer confidence to book and travel, such as pre-departure testing and air corridor
arrangements, have not been adopted by governments as quickly as anticipated.

"In response to the high uncertainty of the current environment, IAG now plans for capacity in 4Q 2020
to be no more than 30 per cent compared to 2019. As a result, the Group no longer expects to reach
breakeven in terms of Net cash flows from operating activities during 4Q 2020."

IAG had earlier planned to cut 4Q2020 capacity to 40% of 2019.

In September, Iberia CEO Luis Gallego was tapped to replace Willie Walsh as IAG CEO. And earlier this month Gallego replaced British Airways CEO Alex Cruz with then Aer Lingus boss Sean Doyle. Cruz remains at BA as non-executive Chairman for a transition period before Doyle assumes that role.

I'm afraid that between airline capacity cuts and government lockdowns, the UK and Ireland won't be seeing much in the way of transatlantic tourism any time soon.