Tui Group is to cut 8,000 jobs worldwide due to COVID-19, which it describes as "the greatest crisis" the travel industry has faced.
The Anglo-German company said: "We are targeting to permanently reduce our overhead cost base by 30% across the entire group.
"This will have an impact on potentially 8,000 roles globally that will either not be recruited or reduced."
As the coronavirus pandemic took hold, governments brought in travel restrictions which grounded flights and cancelled holidays.
Some airline bosses have warned that international travel might not be back to pre-pandemic levels for another three years.
On Wednesday, Tui posted losses of €845.8m (£747m) in the first half of 2020, saying: "The tourism industry has weathered a number of macroeconomic shocks throughout the most recent decades; however, the COVID-19 pandemic is unquestionably the greatest crisis the industry and Tui have ever faced."
The firm's balance sheet has been propped up by a €1.8bn (£1.6bn) loan from the German government but this must be paid back in 2022, increasing pressure on Tui to reduce debt.