Airlines will lose 9 billion euros if war broke out

Commercial airlines could lose more than 9 billion euros in 2003 in case of a war against Iraq, a situation that would deep-six the anticipated balanced gains for the year, the first such recovery after the 9/11 terrorist attacks, the International Air Transportation Association (IATA) reported today.

If the U.S. goes to war in Iraq for a few months, the aviation sector worldwide could let go of a ballpark 3.7 billion euros.

Would the conflict drag on and reach out to other hot spots in the Middle East, international aviation could lose at least 9.3 billion euros, thus heightening the acute crisis the sector is currently going through, IATA officials went on to say.

As a matter of fact, U.S. air carriers will be hit even harder given the attitude of American passengers compared to travelers from elsewhere.

When a war unravels, average Americans tend to stay home and stop all traveling, while European and Japanese flyers simply shift to other destinations.