The pandemic and the grounding of Boeing's Max 8 aircraft amid an international safety crisis contributed to multi-million-dollar losses for Cayman Airways over the past five years.
According to analysis from the auditor general, the national airline received more than $150 million from the government but still lost $34 million during that time.
The report also noted that the border closure due to COVID-19 wiped out the airline's income for close to a year and continues to impact revenues.
Two crashes in Indonesia and Ethiopia involving Boeing's 737 Max aircraft led regulators to ground the planes for almost two years from March 2019—shortly after Cayman Airways had signed up to lease four of those jets.
The auditor general's report said the airline, which was forced to lease alternate aircraft to cover its routes, was ultimately paid around $9.3 million in compensation for the temporary loss of its new planes.
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