Global airlines will lose an estimated $51.8 billion in 2021 and another $11.6 billion in 2022 in the aftermath of the Covid-19 pandemic, according to an industry forecast released Monday.

The projections by trade group the International Air Transport Association (IATA) show a deeper fall than the prior forecast in April for losses of $47.7 billion this year. IATA also increased the estimate for 2020 losses to $137.7 billion from $126.4 billion.