Qantas has announced that it will dismiss 6000 employees and initiate a $1.9 billion capital raising effort as part of a three-year post-COVID recovery plan.

The airline is moving to “rightsize” its workforce by around 6,000 roles, which are set to come from all parts of the business.

In addition, 15,000 employees who were stood down at the beginning of coronavirus travel restrictions will have their stand downs extended as part of the plan, which aims to “manage” the lengthy upcoming period of reduced travel, particularly in international operations.

The airline will also ground around 100 aircraft for at least 12 months; and retire six of their remaining 747s immediately, as well as launching capital raising efforts for up to $1.9 billion, in order to accelerate the business’s recovery.

The measures are expected reduce the airline’s costs by around $15 billion during the three year post-COVID period of low travel activity.

“IATA – the peak body for airlines – says it will take more than three years for global travel to return to 2019 levels. That means all airlines – including Qantas – must take action now. We have to position ourselves for several years where revenues will be much lower. And that means becoming a smaller airline in the short term,” said Qantas Group CEO, Alan Joyce.

Mr Joyce told media that while he understood the job losses would have a “huge impact”, the coronavirus crisis “has left us no choice.” He also noted that prior to the COVID-19 pandemic, the airline was “actively recruiting pilots, cabin crew and ground staff.”

“We’re now facing a sudden reversal of fortune that is no one’s fault, but is very hard to accept.”

The COVID-19 recovery plan and subsequent job losses come just weeks after Qantas announced new safety measures for its fleet, aimed at halting the spread of the virus when the airline begins increasing its domestic and regional fleet in July.