Sponsored by Airline Business
This may be the deepest crisis affecting the global airline industry in living memory, but it is by no means the first. From the recession of the early 1990s through the Asian economic crash and 9/11, and from SARS to the 2008 financial crisis, macro-economic shocks have been an occupational hazard for airline leaders. In each of these cases, major brands went to the wall and others survived, and the industry that emerged looked very different to previously. What lessons can history teach us?
In a matter of weeks, the airline industry worldwide has been brought to its knees by the coronavirus, with carriers slashing schedules, thousands of aircraft grounded, staff furloughed, and airports empty of passengers. The knock-on effect on the aerospace industry has been equally cataclysmic, with Boeing – already rocked by the Max grounding – pushed to the brink of bankruptcy. Where does a devastated industry go from here?