Delta Air Lines is cutting flights and spending due to the coronavirus outbreak, Bloomberg reports. In a message to employees, CEO Ed Bastian said the airline would be cutting its seating capacity by 40 percent in the next few months—the biggest reduction in company history. He said more travelers were nixing their travel plans than making new reservations for the next month. “The speed of the demand fall-off is unlike anything we’ve seen,” Bastian said. “We are moving quickly to preserve cash and protect our company. And with revenues dropping, we must be focused on taking costs out of our business.” Up to 300 planes will be parked, new aircraft deliveries will be deferred, and investments will be reduced by at least $2 billion this year, Bastian said. Delta is also offering their employees voluntary unpaid leave and imposing a hiring freeze. Bastian, who pledged to give up his salary for the next six months, also said he was “optimistic” about federal aid after having discussions with the White House and Congress.