Final 2020 corporate results released Thursday confirmed huge losses for travel operators since the coronavirus pandemic began.
National airline Finnair reported a loss of more than 595 million euros for all of last year, compared to an operating profit of nearly 163 million euros in 2019.
Annual net sales plunged by more than 73 percent, amounting to 829 million euros.
Passenger numbers showed a similar drop of 76 percent for the full year, including virtually normal traffic last January and February.
In December, Finnair reported a 92 percent decrease in passenger numbers compared to a year earlier.
Co-determination negotiations that ended in October led to the reduction of about 600 jobs in Finland. The company is about 56 percent state-owned.
Like many other carriers, Finnair expects travel to begin recovering during the northern hemisphere summer as coronavirus vaccines are increasingly rolled out and restrictions eased.
"We have enhanced the agility of our operations so that we can act fast when our customers are again ready to travel," CEO Topi Manner said in a statement.
Viking Line sales down by two-thirds
Meanwhile shipping company Viking Line's net sales collapsed in the October-December period, down to some 35 million euros from about 116 million euros a year earlier. Operating losses totalled more than 14 million euros.
For the full year, Viking Line posted a loss of almost 50 million euros. That was a drop of almost 70 million euros compared to the previous year's result.
Last year's total net sales were 189 million euros, only about a third of that in 2019.
The company declined to make any predictions about its prospects for this year.
"Uncertainty about regulatory requirements, state aid, the impact of vaccination programmes and related restrictions on passenger traffic as well as market demand will affect Viking Line's operations, earnings and financial position," the company said on Thursday.
Viking Line, which is based in the Åland Islands and plies routes between Finland, Sweden and Estonia, saw its passenger numbers fall by 70 percent last year compared to 2019.
Of its seven vessels, only four sailed regularly during the year. The company estimates that it has lost some four million passengers since the outbreak of the pandemic last March.