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Airlines Worldwide Struggle Through Their Worst Crisis Ever Sep 02
Standard & Poors, Sep 2002
Abstract
(Editor's note: This commentary, originally published on Sept. 10, 2002, is being republished with a corrected chart 3, which provides a more accurate representation of the data.) The attacks of Sept. 11, 2001, in the U.S. exacerbated the already weak airlines, plunging the industry into its worst crisis ever. Total world air traffic in 2001 declined (about 5%) for only the second time since the beginning of modern world aviation, after World War II (the first time was in 1990). International and intra-U.S. travel were hardest hit, but almost all regions of the world were affected to some extent. The recovery in passenger traffic and revenues since then has varied from region to region. Asia was less affected than most...
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