The coronavirus pandemic will bankrupt almost all of the world’s airlines in a matter of weeks, Australian aviation experts say.

With passengers scrambling to cancel their flights and carriers grounding their services, airline analysis and consulting firm CAPA Centre for Aviation warned most airlines worldwide will be bankrupt by May unless urgent action is taken.

‘As the impact of the coronavirus and multiple government travel reactions sweep through our world, many airlines have probably already been driven into technical bankruptcy, or are at least substantially in breach of debt covenants,’ CAPA said in a statement on Monday.

Prime Minister Scott Morrison has advised Australians to reconsider overseas travel and all international arrivals will be forced to self-isolate for 14 days as COVID-19 continues to spread across the globe.