Airlines worldwide are preparing for massive changes to winter flight schedules. Due to tensions in the Middle East and persistently high fuel prices, tens of thousands of flights could be canceled.
According to the Financial Times, airline executives will make final decisions in the coming weeks to adapt capacity to new economic realities.
The International Air Transport Association (IATA) has sharply cut its profit forecast for this year. Global profits are expected to halve from $43 billion to $23 billion. IATA warns that even if fuel prices drop by year-end, the industry will face an additional $100 billion in fuel costs.
ITA Airways CEO Joerg Eberhart said the airline may have to cut up to 20% of flights between October and April. "We might need government support; we don't know yet. The situation is very volatile," he added.
Turkish Airlines CFO Murat Şeker stated that if fuel prices do not fall by autumn, the airline will reduce flight frequency. "If high jet fuel prices persist after July, we will start reducing flight frequency or even suspending routes to certain cities," he said.
