Profits take off for airlines as cancellations and booming demand push fares higher

Aer Lingus's parent company IAG, which also owns British Airways and Ibera, returned to the black as demand soared and supply shrank. Stock picture

The summer travel chaos has boosted the fortunes of European airlines such as Aer Lingus’s parent, as they have been able to tap into the widespread cancellations and booming demand with higher fares.

IAG, which also owns British Airways, Vueling, and Iberia, returned to the black according to its latest earnings report, as cancellations cut capacity but bolstered fares.