FILE PHOTO: FILE PHOTO: A Finnair Airbus A320 aircraft at Manchester Airport in BritainMore

By Tarmo Virki

(Reuters) – Finnair said on Wednesday it planned to make sweeping cost cuts and said it had received state and bank guarantees for a 600 million euro ($657 million) loan that it planned to draw on this quarter.

Finland’s flag carrier said it would cut annual costs by almost 80 million euros from 2022 across its business, including in areas such as real estate and aircraft leasing.

Finnair has said it was losing about 2 million euros a day in the second quarter as 90% of flights were grounded. It said would likely take two to three years for air traffic to recover to 2019 levels.

“In the post-corona market, those