It is clear to all that COVID-19 has dealt a devastating blow to the economy. The aviation industry, in particular, faces a new reality. While aviation, pre-crisis, was thriving from the waves of globalization and travel commoditization, it was already facing threats such as environmental pressures, unbalanced profit sharing along the value chain, and multiple constraints on operational and business agility. Thus, the recovery phase will be extremely challenging, and we believe future growth will involve nothing less than reinvention of the industry, something that is true of many industries post-pandemic.