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“Irrespective of whether or not the government orders closure of a business, the vast majority of firms won’t have purchased cover that will enable them to claim on their insurance to compensate for their business being closed by the coronavirus,” the trade body said.

European airlines have also stepped up calls for emergency government aid. Passenger traffic across the region slumped by more than half on average last week, and the situation will worsen as borders closed, trade body Airports Council International Europe said.

The Trump administration is also considering a plan to send checks to individual Americans of $1,000 to help them weather the crisis, though details remain unclear.

But while the main aim is to avoid deaths – currently at nearly 7,500 – global powers were also focussing their attention on how to limit the inevitably devastating economic impact.

In Asia, MSCI’s broadest index of Asia-Pacific shares outside Japan dipped 0.3%, led by a 4.9% fall in Australia while Japan’s Nikkei gained 1.6%.

“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,” said global aviation consultancy firm CAPA

“It’s not just about a reduction in earnings growth, or that you will have not have earnings growth. There’s credit concerns and cashflow concerns, that’s why the Fed acted,” said Tom Martin, senior portfolio manager at GlobAlt Investments in Atlanta.

These instructions are temporary measures and shall be in force till March 31 2020 and will be reviewed subsequently,

She cited data from global banking group the Institute of International Finance showing that investors have pulled nearly $42 billion from emerging markets since the beginning of the crisis.