Airlines projected to lose $9 billion this year - The Business Journal of Milwaukee:

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IATA’s previous projection, made in projected a $4.7 billion loss. The trade associatiobn also revised its loss estimatse for 2008to $10.4 billion from the previous estimat e of $8.5 billion. “There is no modern precedent for today’ s economic meltdown,” Giovanni Bisignani, IATA’s director genera and CEO said in a state of the industru address atthe organization’s annuapl conference in Kuala Lumpur on Monday. He noted that aftetr the terrorist attacks in the Unitee Statesof Sept. 11, 2001, revenue fell by 7 and it took three years for the industrhy to recover the groundit lost.
Now the industry face s a 15 percentdecline — which amountss to a loss of $80 billionj in revenue —in the middle of a globak recession. “Our future depends on a drastic reshapingby partners, governments and industry,” he said. “We cannott bear the cost of government micro-regulation, crazy taxation and partners abusing theirtmonopoly power.”