Guests and hosts can cancel Airbnb reservations penalty-free during coronavirus

Airbnb has implemented a more flexible cancellation policy in light of the coronavirus outbreak

Airbnb has revised its reservation policy in light of the global disruption caused by Covid-19. 

Both guests and hosts can now cancel reservations with no charge or penalty under the company's updated "Extenuating Circumstances" policy. 

The amendment applies to existing reservations for stays made on or before March 14, with check-in dates between March 14, 2020 to April 14, 2020. 

The policy also applies to all bookings in the world with the notable exception of domestic travel in mainland China. 

Airbnb says that hosts around the world have demonstrated flexibility and understanding during the global coronavirus pandemic with 86 percent of money returned in the form of refunds over the last month.

The company also says it will not collect fees from reservations canceled under the policy. 

"We understand that this announcement will impact hosts around the world, many of whom depend on the economics they generate on Airbnb. We will be working in the days and weeks ahead to identify tools and initiatives to support our hosts during these very challenging times."