STORY: Wizz Air passengers might not escape the travel chaos this summer.
The budget airline announced on Monday (July 11) that it expects to have to cut flights another 5%, citing labor shortages and strikes at European airports.
The announcement sent its shares down as much as 5%.
Travel demand has roared back after the health crisis, with airlines betting on summer holiday travel in July-September to boost their bottom-lines.
But strikes and staff shortages are forcing airlines to cancel thousands of flights, causing hours-long queues at major airports across Europe.
Airlines have also raised fares to offset higher fuel costs, with pilots and cabin crews making a case for higher pay due to inflation.
Wizz’s chief executive had previously said in June that the company was confident of returning to pre-crisis productivity by reaching full utilization of its aircraft this year.
On Monday it reported an operating loss of $289 million in the first quarter.
But added that it expected to return to a “material” profit this quarter.