Premium Analysis 2020 was a year in which the development of many (although not all) airports came to a sudden stop, with capex being replaced in the pecking order by opex in most cases – and in many, simply by survival measures. Along with that everlasting hiatus came a cull of airport investment and privatisation activities, again with a few notable exceptions, mainly in countries where multiple concession procedures were already well advanced. Over two parts this report details the few deals which were done in 2020, some that were abandoned or suspended, and those airports which have emerged – or may emerge – as future investment opportunities, assuming that the much-desired ‘post COVID recovery period’ actually takes place this year.