All four of the town's partner airlines - Air New Zealand, Qantas, Jetstar and Virgin Australia - have cut international services to Queenstown from the end of the month.
Domestic services will also be scaled back.
Queenstown Airport Chief Executive Colin Keel says the airlines are doing everything they can to protect the livelihoods of hundreds of staff working in and around the airport.
He says this is an unprecedented situation which has far-reaching implications - so it's important we continue to support each other.