Flybe, Europe's largest regional airline, collapsed into administration this morning.
All flights have been grounded and the business has ceased trading with immediate effect.
The airline narrowly avoided going bust in January but has continued to lose money and failed to obtain finance from the UK government.
Crisis talks were held throughout the day on Wednesday to try to secure a rescue package, but no deal was agreed.
In a statement, Flybe said that it was unable to arrange alternative flights for passengers who were due to travel with the airline.
“If you have a booking sold by another airline that includes travel on a Flybe flight, please contact the relevant airline or travel agent to confirm if there is any impact to your travel plans,” the statement read.
Flybe flight BE4573 from Cardiff, which was due to land at Cork Airport this afternoon, was cancelled.
The airline operated a twice-weekly service from Cork Airport to Cardiff.
A spokesperson for Cork Airport said Flybe’s twice-weekly service to Cardiff has been cancelled with immediate effect from today.
The spokesperson said that Flybe’s Cork operation was its smallest operation in Ireland.
“Flybe reinstated Cork-Cardiff in summer 2015 and operated two per week until this coming summer when they announced an increase to three per week.
“Cork Airport expected Flybe to fly 14,000 passengers from Cork this year. 700 have already flown in 2020.
“The existing Cork-Bristol route operated by Aer Lingus Regional serves the same catchment and is almost three times as busy as the Cork-Cardiff route was, with 40,000 passengers flown last year,” the spokesperson said.
The airline had been hit by a slump in bookings since the outbreak of the coronavirus.
Rival airline Ryanair has cut up to 25% of flights in and out of Italy from March 17 to April 8 in relation to the coronavirus outbreak in northern Italy.
Flybe has advised passengers not to travel to the airport unless they have arranged an alternative flight with another airline.