Amtrak expecting $700 million in losses, ridership down 95 percent during coronavirus pandemic

[mahatmakanejeeves]

Source: Boston Globe

Amtrak expecting $700 million in losses, ridership down 95 percent during coronavirus pandemic

By Matt Berg Globe Correspondent, Updated April 23, 2020, 3:43 p.m.

Amtrak is expecting at least $700 million in losses with ridership dropping 95 percent across all routes as people abide by social distancing and stay-at-home orders during the coronavirus pandemic, company officials said in a conference call Thursday afternoon.

In 2020, the transportation company was expected to break even for the first time in its history, former CEO Richard Anderson said last year. Now, the outlook is much more grim.

"Part of our focus now is to think about what our recovery will look like," said Amtrak CEO Bill Flynn. "This pandemic will have a major impact on our business, and we are analyzing what that might be. That's hard to estimate at this point."

With the decrease in ridership, Amtrak mechanical and engineering workers are taking advantage of the lull in ridership to work on projects to improve the tracks, Flynn said. Major projects, such as the new Amtrak fleet, will also move forward.

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Read more: https://www.bostonglobe.com/2020/04/23/metro/amtrak-expecting-700-million-losses-ridership-down-95-percent-during-coronavirus-pandemic/

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Hat tip, WTOP, the all-news FM radio station in DC

[bucolic_frolic]

1. I continue to wonder if instead of the Fed trying to prop things up

they should have tried to freeze things while operating the essentials part of the economy - food, medical, maintenance. If everyone's bills are partly frozen and the rest reduced, they wouldn't have to print all this money

[jgmiller]

3. I think they did this during to WWII to some extent

The problem is that back then was that basically the government was paying corporations to produce weapons so the companies really didn't care about price caps because they were making tons of cash. Now this would never work, although like you I've wondered the same thing.

[Blue Owl]

2. Damn...

[Hiawatha Pete]

4. Amtrak should be an essential service

Just like some VIA Rail Canada routes:
https://thetyee.ca/News/2019/07/17/Slow-Skeena-Train/

[not_the_one]

5. If airlines can be bailed out,

so can Amtrak and the USPS.