The global aviation trade group nearly doubled its forecast of European airlines’ losses this year to $1.1 billion and said Monday that high fuel prices will mean the worldwide industry will scrape by with only wafer-thin profit margins.
U.S. and Asian carriers should make money this year, but more airlines in Europe might follow Hungary’s Malev into bankruptcy if the European financial crisis worsens, the International Air Transport Association said. The group called for governments to avoid tax and regulatory changes.
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