Norwegian Air is to pull 15% of its capacity until the end of June and temporarily lay off staff.
The cut in capacity represents around 3,000 flights.
The carrier said it had seen “reduced demand” on future bookings.
More details on which routes will be affected are yet to be announced.
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Chief executive Jacob Schram said: “This is a critical time for the aviation industry, including us at Norwegian. We encourage the authorities to immediately implement measures to imminently reduce the financial burden on the airlines in order to protect crucial infrastructure and jobs.”
“Unfortunately, cancellations will affect a significant share of our colleagues at Norwegian.
“We have initiated formal consultations with our unions regarding temporary layoffs for flying crew members as well as employees on the ground and in the offices.
“We will continue to engage in constructive dialogue with unions and employees to work through this difficult situation together.”
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