Employees would be offered unpaid leave and more part-time work and the group would also seek to cut administrative costs, it said. Lufthansa stock has plunged around 13 percent this week alone. "It is not yet possible to estimate the expected impact on earnings," the group said, adding that it would provide more details at its annual results press conference on March 19.

The Frankfurt-based group said 13 of its aircraft were grounded, after it cancelled all flights to and from mainland China by its flagship airline, as well as Austrian and Swiss until March 28. Lufthansa has also slashed connections with Hong Kong in the face of reduced demand "and additional frequency adjustments to and from Frankfurt, Munich and Zurich are planned," it said.

Copyright Agence France-Presse, 2020