Norwegian Air Shuttle ASA is suspending thousands of flights and slashing its workforce in response to the fallout of the coronavirus and the widespread travel restrictions it’s triggered.

Chief Executive Jacob Schram said the situation is “unprecedented” and called on governments to support the aviation industry.

“The new restrictions imposed further pressure on an already difficult situation,” he said in a statement on Thursday. “We urge international governments to act now to ensure that the aviation industry can protect jobs and continue to be a vital part of the global economic recovery.”

A partial ban on travel from Europe imposed by the administration of U.S. President Donald Trump has pummeled the airline industry. Investors in Norwegian woke up on Thursday to a wholesale panic that drove the value of their company down as much as 27%.

The company said that following the U.S. ban on travel from most of Europe and the escalating coronavirus situation, it will ground 40% of its long-haul fleet and cancel up to 25% of its short-haul flights until the end of May. The changes apply to the company’s entire route network.