Heathrow Airport reported a loss of £1.8 billion last year, as passenger numbers fell to the lowest level since 1972.
Just 19.4 million guests moved through the airport.
Heathrow was the only European hub to see a reduction in traffic last year, due to tighter travel restrictions than EU countries.
Cargo, mainly carried on passenger planes, was 12 per cent down on pre-pandemic levels.
In total, the airport has now lost £3.8 billion during the pandemic.
Heathrow chief executive, John Holland-Kaye, said: “ While 2021 was the worst year in Heathrow’s history, I am very proud of the way that colleagues focussed on passengers, and we were able to maintain our position as one of the top ten airports in the world for service.
“Demand is now starting to recover, and we are working closely with airlines to scale-up our operations and reopen Terminal 4 for the summer travel peak.
“We are excited to welcome more passengers back to Heathrow to experience the joys of travel and get Britain’s economy firing on all cylinders again.”
Heathrow expects to welcome 45.5 million passengers this year, still well below pre-Covid-19 levels.