From grounded fleets to sky-high profits: the unprecedented comeback of European aviation
Surpassing their 2019 profits, Lufthansa, IAG and Air France-KLM have decisively turned the page on the crisis.
On March 11, 2020, the World Health Organization officially declared a pandemic, marking the culmination of signs that had been accumulating since late 2019. This pivotal moment confirmed the arrival of the century's first major pandemic, thrusting the aviation industry into an unprecedented crisis.
Airplanes across the globe were grounded, leaving the skies eerily empty and the future of air travel uncertain. Now, over four years later, the shadow of the pandemic seems more like a distant memory, a surreal blip in history, as evidenced by the latest financial disclosures from Europe's aviation giants.
Lufthansa, International Airlines Group (IAG), and Air France-KLM have not just weathered the storm but emerged stronger, as their fiscal year 2023 reports reveal. Surpassing their 2019 profits, these groups have decisively turned the page on the crisis, showcasing resilience and adaptability.