Lufthansa pilots` strike led to flight cancellation on Thursday

Lufthansa pilots` strike led to flight cancellation on Thursday

By: Simon Furman | Where To Trade | On:Thursday, 24 November 2016
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Pilots from Vereinigung Cockpit union began their 14th strike since 2014, a three-day one, grounding this way almost 1.800 flights. 
Lufhansa company declared that more than 100.000 travelers will be affected by the strike on Friday, but most of the long-haul flights will remain unaffected.
In three days, the pilots' strike made more than 315.000 passengers to be affected.
A Lufthansa board member declared that the first two days of the strike cost the airline around 21 million dollars, and made customers booking fewer flights.
"Not only have we suffered severe damage,but we're also noticing from mid-term booking numbers that customer behavior is changing" said Harry Hohmeister, Lufthansa board member.
The strike had a negative influence on the company, Lufthansa loosing 0.4%, making the German DAXI to go down by 0.1%.
Vereinigung Cockpit Union asks for a pay increase of 3.7% for more than 5000 Lufthansa pilots. Lufthansa offered an increase of 2.5% over six years 'till 2019.
The union asks for a better offer, and the strike will continue.
Lufthansa declared that the costs have to be cut, in order to compete with other flight companies like Ryanair, for example. Long-haul flights, the company said, are the main target.
In 2014, the strikes cost Lufthansa 222 million Euro, almost 21 millions per day, according to researches made by the IW Cologne Institute for Economic Research.
In 2015, same-like strikes cost Lufthansa 30 millions per day, reaching a total loss of 231 million EUR.
Lufthansa plans on lowering the cost operations, despite the strikes of the German pilots. 
Pilots in France, from Air France are also planing strikes over the same matter.

 

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