Two weeks of coronavirus shutdown were enough to hit Air France-KLM with an €815m first-quarter operating loss, the airline group said today.
It also predicted that demand could take "several years" to recover.
In the month of March there was an "abrupt plunge in revenue that will obviously extend through the second quarter," the company's chief financial officer Frederic Gagey warned.
Many major airlines have sought government help as they struggle to slash costs and conserve cash in response to the unprecedented global crisis.
Air France-KLM has received €7 billion in French-backed rescue aid and Dutch pledges for a further €2-4 billion.
It said it expects to reduce monthly cash burn to €400m in the second quarter thanks to cost-cutting and state-funded temporary lay-offs that save €350m a month.
But operating losses will widen "significantly" in April-June with 95% of flights expected to remain grounded by a combination of travel restrictions designed to contain the pandemic and collapsed demand, the group said.
Capacity will still be down 80% in the third quarter, the group predicted, with customers returning only gradually.
Air France-KLM's revenue fell 15.5% to €5.02 billion in the first quarter. Its net loss widened to €1.8 billion from €324m, also swollen by a €455m impact from over-hedged fuel.
While the initial virus outbreak in China impacted Asia traffic early in the quarter, the full effect of European lockdowns and travel bans was not felt until the second half of March.
The group now expects a full-year loss in operating earnings before interest, tax, depreciation and amortization (EBITDA) - the first in its history, CFO Gagey said.
Demand is "not expected to recover to pre-crisis levels before several years," the company also warned.
Formally withdrawing its pre-crisis 2020 guidance, Air France-KLM said it now planned to reduce its aircraft fleet by 20% in 2021.
Chief Executive Ben Smith will present an updated "transformation plan" to investors within months, it said.
