ACI EUROPE Activities
A year has passed since air traffic started its unprecedented decline in the wake of Lehman Brothers bank going bust. It has certainly not been a cheerful summer for European airports. Systemic capacity cuts by airlines combined with the bankruptcy of MyAir and SkyEurope have translated into traffic losses for the vast majority of airports. Only a happy few have experienced traffic gains, exclusively driven by low cost carriers. But even then, this has often been at the expense of other airports, with aircraft moving from depressed markets to others looking more promising. By Olivier Jankovec, Director General, ACI EUROPE.
As I near the end of my second term as President of ACI EUROPE and prepare to handover to my successor after the 19th ACI EUROPE Annual Congress, it has been interesting to look back and take stock of all that’s changed since June 2007. Those days looks positively rose-tinted by comparison with the testing and turbulent times that have befallen the European economy since then.
The extraordinarily pessimistic times currently befalling the global economy have seen many comparing the current situation with the infamous great depression of the 1930s. For aviation and airports in particular, the analogy fails to deliver any direct relevance. By Olivier Jankovec, Director General, ACI EUROPE.
As 2008 draws to a close, the forthcoming year is looking pretty bleak for airlines and airports alike. As European countries have been injecting billions of euros in their faltering banking systems in the hope of calming down financial markets and preventing the collapse of their economies, an increasing number of European airports have reported falling passenger and freight traffic figures over the last months. Although uncertainty is the order of the day and making accurate traffic forecasts is like reading a crystal ball, the magnitude of this economic crisis means that the downward trend will further accelerate in the coming months. Let’s face it, 2009 is set to be some sort annus horribilis for aviation. By Olivier Jankovec, Director General, ACI EUROPE.
This is it. Once again, aviation has entered a period of heavy turbulence. It all started with an unprecedented rise in oil prices and just as the pressure eased, there came what many portray as the worst financial crisis since the great depression of the 1930s. By Olivier Jankovec, Director General, ACI EUROPE.