For those who woke up in a good mood this morning after the Dow’s near-500 point gain yesterday, IATA today has updated its forecast for the airline industry to bring you back down to earth.

Here’s the low points and how much worse things have gotten since December:

2009 losses: $4.7 billion [December forecast: $2.5 billion]

2008 losses: $8.5 billion [December forecast: $5 billion]

2009 revenue drop: $62 billion [December forecast: $35 billion]

2009 relative revenue drop: 12% [December forecast: 6.5%]

Cargo demand: -13% [December forecast: -5%]

Passenger demand: -5.7% [December forecast: -3%]

Regional losses

Asia: $1.7 billion

Europe: $1 billion

Middle East: $900 million

Latin America: $600 million

Africa: $600 million

The few bright spots:

North America: $100 million profit [December forecast: $300 million]

Fuel bill: $116 million