Germany's Lufthansa airline posted a record $8.1 billion loss on Thursday, after a year of challenges posed by the coronavirus and subsequent travel restrictions. 

With passenger numbers only a quarter of what they were the year before, revenue was down by more than half. 

"We were hit by the pandemic more than any other industry and Europe was hit even harder than other regions of the world," CEO Carsten Spohr told shareholders.

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In addition to major cuts to spending across the company, executives acknowledged the difficult decision to shrink the workforce by 20 percent through layoffs and early retirement schemes. 

The group, which also flies planes under the Austrian Airlines, Swiss and Eurowings banners, had been optimistic about a return to travel in 2021, starting around Easter.

However, Germany's post-lockdown timeline does not mention when travel abroad will be permitted again, despite the eagerness of millions in Germany.

"Lufthansa is still struggling and will continue to struggle," said Robert Halver, market analyst at Baader Bank. "Coronavirus is not going away any time soon." 

Germany, like much of Europe, has had relatively slow vaccine deliveries. Supplies are limited and inoculations are behind schedule. Additionally, more contagious, foreign-discovered COVID-19 variants threaten to undo months of progress made while the country has been in lockdown. 

The airline group is unlikely to make a profit in 2021, according to analysts and may even require further support from the German government. 

The state came to the airline's rescue with $10 billion after crisis talks last June.  

"Our engagement at Lufthansa is a temporary one," Finance Minister Olaf Scholz said at the time. 

"When the company is back on its feet, the state will divest its stake, hopefully with a small profit."

Though an Easter bump can be ruled out, Lufthansa is betting on an uptick in travel during the normally busy summer holiday season.

However, ticket sales don't appear to match the same optimism.

Tough border restrictions and quarantine obligations are keeping many at home, hesitant to put down money on future travel for fear of cancelation.