Airlines set to lose €11bn

The world's airlines will lose a combined €11bn between 2009 and 2010 according to industry representative group the International Air Transport Association.

The aviation industry is expected to lose €7.5bn this year and a further €3.5bn next year resulting from a collapse in tourism and business travel and downward pressure on ticket prices.

Meanwhile strike action at one of those airlines, British Airways, could cost the loss-making airline up to €33m a day.

An analyst at London-based stockbroker Collins Stewart estimated a 12-day strike planned by cabin crew will cost between €11m and €33m each day during the busy Christmas season.