Trade union Unite said around 1,800 jobs are threatened because of an “unfolding crisis” in the sector.
Stormont’s first and deputy first minister and the union are now calling on Prime Minister Boris Johnson to establish an aerospace taskforce.
The government responded saying it recognised the industry was a critical part of the economy.
In a letter to Mr Johnson, Arlene Foster, Michelle O’Neill, and Unite, along with the first ministers for Scotland and Wales, say urgent intervention is needed.
They suggest the sector’s recovery is expected to take three to five years.
This will be very worrying for the thousands of workers at Bombardier in Northern Ireland which has already announced hundreds of job losses.
It will also have a huge impact on the many companies across Northern Ireland that rely on its supply chain.
Unite have warned threatened lay-offs to date would cause a £800m blow to the economy and £17.5m reduction in household consumption.
The union’s regional secretary Jackie Pollock said: “The prime minister must now respond positively to this initiative and ensure that every possible tool will be used alongside measures being enacted by the devolved administrations in order to preserve jobs and to sustain the aerospace sector throughout and beyond the Covid-19 crisis”.
Read more: BBC News