British Airways CEO Willie Walsh has warned that the aviation industry is in the midst of its deepest ever crisis in its history, worse than 9/11 or the Gulf War.
Speaking to a London Chamber of Commerce audience, he said the industry current woes would not disappear with falling oil prices. BA expects its fuel bill for the current year to rise by 1 billion pounds ($1.8 billion), the newspaper said. It would now represent about 35 percent of costs, compared with 10 percent at the start of this decade, the Guardian cited Walsh as saying.
He predicted the 30 carriers that have already collapsed this year would be joined by a raft of others during the more difficult winter travel season.
He said: “Let no one be in any doubt. This industry is in crisis - a deeper, more protracted, more fundamental crisis than 9/11, the Gulf War or any of the previous shocks that have beset the industry since the age of mass air transport began in the 1970s.”