European holiday operator TUI has said it will suspend most of its operations, scrap its outlook and apply for state aid in response to the coronavirus pandemic. 

The announcement came as airlines around the world also unveiled cuts to their flying schedules and job cuts after countries further tightened border restrictions. 

"In this rapidly changing environment the safety and welfare of our guests and employees worldwide remains of paramount importance," the company said in a statement. 

TUI said it would withdraw its outlook provided on February 11 and would not give out a new forecast in the current environment. 

It had previously expected underlying core earnings of €850m to €1.05 billion. 

TUI said it had €1.4 billion in cash and other facilities but is considering various ways to support customers, colleagues and stakeholders. 

"We are taking substantial cost measures to mitigate the earnings effect," TUI said, adding it had decided to apply for state aid guarantees to support the business until normal operations are resumed.