NATIONWIDE — Between cancellations, cuts, and the spread of COVID-19, the financial situation for the airline industry is continuing to quickly decline. 

Even with the slight promise of an uptick from holiday travel, the future doesn’t look good.

“So, since February, our lives have changed and not for the better. Nothing like this has happened to the airline industry in history,” said Paul Hartshorn with the Association of Professional Flight Attendants.

Hartshorn says there is not enough work to go around.

For many, this means pay cuts and losing their health care in the middle of a pandemic.

“Unfortunately, that has resulted in over 2,000 early retirements, resulted in 8,000 involuntary furloughs for our flight attendants, as well as 6,000 personal leaves for flight attendants,” Hartshorn said.

Nicholas Calio, president and CEO of Airlines for America, said there are also fewer flights and fewer direct flights.

Calio says carriers are operating 44% fewer flights than a year ago and are burning more than $180 million in cash every day just to stay in operation.

“When we anticipate some uptick for this weekend or in coming weeks, you have to keep that in perspective," Calio said. "Flying right now is down 65% year over year."

While the situation looks grim, for Hartshorn and other flight attendants, there’s one thing could change everything.

“The glimmer of hope, of course, is a number of vaccines on the horizon," he said. "We’re cautiously optimistic about that."

It’s a hope for optimism as holiday travel kicks in and pharmaceutical companies race to create an effective vaccine.

From here major players in the airline industry will continue to put pressure on Washington to extend the Payroll Support Program under the CARES Act.

As for Thanksgiving travel predictions, US Airlines is offering approximately 40% fewer seats compared to last year.