Heathrow Airport has reported a £2bn annual loss after passenger numbers dropped to levels last seen in the 1970s during the coronavirus pandemic.
It said 2020 was the toughest year in its 75-year history and the loss “underlines the devastating impact of Covid-19 on aviation”.
Heathrow’s results contained a warning it may not be able to carry on if passenger numbers remain low.
However, its boss said the airport had enough money to cope until 2023.
John Holland-Kaye also told the BBC that he thought people would be likely to be able to go on their summer holidays.
Under the UK government’s roadmap out of lockdown, which was published on Monday, international travel could resume in mid-May.
Heathrow normally has about 80 million passengers per year, but it said numbers in 2020 dropped to 22 million.
In the long-term, if passenger numbers were to drop below 27 million, Heathrow would be in danger of breaching deals it has with creditors, it said.