Easyjet grounds entire aircraft fleet for two months
The Luton-based carrier said parking all 344 of its planes "removes significant cost" as the aviation industry struggles to cope with a collapse in demand caused by the outbreak of the virus.
It insisted it "maintains a strong balance sheet" and revealed it is in "ongoing discussions with liquidity providers".
The airline also announced it has reached an agreement with union Unite on furlough arrangements for its cabin crew.
The deal will be effective from Wednesday for a two-month period and means cabin crew will be paid 80% of their average pay through the Government job retention scheme.
EasyJet chief executive Johan Lundgren said: "I am extremely proud of the way in which people across easyJet have given their absolute best at such a challenging time, including so many crew who have volunteered to operate rescue flights to bring our customers home.
"We are working tirelessly to ensure that easyJet continues to be well positioned to overcome the challenges of coronavirus."
The airline added it operated more than 650 rescue flights to repatriate people stranded due to the virus.
The last of the flights took place on Sunday.
EasyJet pledged to work with governments to "operate additional rescue flights as requested".