Allianz SE shares their insight on the crisis hitting the European aviation industry and how the current uplift in cancelled flights could in fact become the new normal.
With wages accounting for 25% of revenue (vs. the global average of 19%) and jet fuel prices surging by 89% YTD, European airlines have little incentive to address staff shortages in the short term as they try to keep control of overheads.
In an effort to boost revenue there has been a 21% increase in flight prices in 2022, it is evident that this is not going to be enough to prevent ongoing losses and the industry will continue to lose money in 2022.
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