Airline industry losses, worse than 9/11
Sept. 15, 2009 – The airline industry says recent losses have been worse than what they were after the 9/11 terrorist attacks.
Sept. 15, 2009 – The airline industry says recent losses will hit $11 billion, worse than what they were after the 9/11 terrorist attacks.
The International Air Transport Association, a Montreal-based association of airlines, today painted a grim picture of an industry in crisis.
CEO Giovanni Bisignani told a Washington news conference that expected losses this year would be $US2 billion more than previously forecast.
IATA predicts that the global airline industry would lose $11 billion in 2009.
But Bisignani says the combined losses of 2008 and 2009 were US$27.8 billion, larger than the impact of 9/11.
Industry losses for 2001-2002 after the terrorist attacks were US$24.3 billion.
IATA also warns of more airline bankruptcies in the coming months.