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Air travel finally exceeds pre 9/11 levels
The airline industry has “fully recovered” from the impact of Sars and the war in Iraq, according to IATA, but cost cutting remains a priority.
The announcement came following positive air traffic figures for the start of this year. Passenger traffic on all international routes was up by 19% year-on-year in the first five months of 2004.
Crucially, nearly 9% more passengers flew in this period than in the same period in 2000, considered as the benchmark because it was the last ‘normal year’ for the industry before September 11, the global economic decline, Sars and the war in Iraq.
Director general and chief executive, Giovanni Bisignani said: “Traffic growth for the first five months of 2004 is testimony to the resilience of air transport. Not only have we fully recovered from the impact of SARS and war in Iraq, all major regions of the world are reporting traffic levels above those of 2000-the last normal year for our industry.”
The latest hurdle for the airline industry has been the cost of fuel. Disappointing results from a number of airlines, including SAS, Swiss, easyJet and Ryanair, have all been partly blamed on the rising price of oil. Although oil prices have temporarily settled, every additional dollar over US$33 per barrel generates US$1 billion industry losses, according to IATA. “Efficiency gains and cost cutting remain priorities to return the industry to health,” said Mr Bisignani.
The rate of growth of the industry is slowing according to Mr Bisignani. The current growth rate is half the level it reached in the late 1990s.
Report by Ginny McGrath
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