IATA warn oil will damage airline recovery

The sharp increase in oil prices may cost the world’s airlines billions of pounds in losses this year and further damage the industry’s recovery after a series of setbacks, the head of the global air transport association said today.

“Last year we survived the four horsemen of the apocalypse – SARS, the conflict in Iraq, terrorism and the economy,” said Giovanni Bisignani, director-general of the International Air Transport Association, or IATA.