Flight International online news 11:30GMT: IATA has warned that the global air transport industry’s losses owing to fuel prices this year could far exceed the $7.4 billion predicted in September.
Speaking at the Cannes Airlines Forum, IATA director-general emeritus Pierre Jeanniot said losses could turn out to be as high as $10 billion.
“Losses will depend on the price of fuel over the next two months,” he says. “If a barrel rises to an average $70 over that period, they will rise to $10 billion. If prices remain around $60 our current estimates will be correct.”
Jeanniot added that the threat of avian flu could also hit the sector hard.
“The industry is extremely sensitive to this type of crisis,” says the IATA chief, recalling that the SARS epidemic of 2003 ravaged commercial aviation.
AIMEE TURNER/CANNES
Source: Flight International
