Before Coronavirus: How the Travel Industry Overcame Its Five Biggest Crises

  • a loss of 50 million travel-related jobs worldwide,
  • a 25 percent shrinkage of global travel, and
  • reduction in revenue of at least $113 billion for airlines (and this forecast was made before the closure of the North Atlantic market).
Profit losses from coronavirus that could hit popular airlines. Source: Financial Times

The 1970s oil crisis

The 1973 energy crisis resulted in a massive gas shortage across the USA.

Recovery and lessons learned: Invest in efficiency to cut oil spending

The graph shows the growth of the composite percentage in the total aircraft structure weight. Source: Beginner’s Guide to Aviation Efficiency

The 1990–1991 Persian Gulf War

Recovery and lessons learned: There are always new destinations to discover

The 2001 terrorist attack

The 9/11 tragedy put an end to Concorde flights and to the whole supersonic era in civil aviation. Source: Associated Press

Recovery and lessons learned: Security is everything

  • the establishment of the Transportation Security Administration (TSA) to manage security processes of US airports,
  • the use of full-body scanning machines at the airports,
  • reinforced and bulletproof cockpit doors,
  • more air marshals on flights to improve security,
  • a ban on all knives, and
  • prohibiting passengers from entering the cockpit during the flight.

The 2003 SARS outbreak

The 9/11 tragedy put an end to Concorde flights and to the whole supersonic era in civil aviation. Source: Associated Press

Recovery and lessons learned: Panic lives longer than a virus

The 2010 Eyjafjallajökull volcano eruption

Recovery and lessons learned: The source of a disaster can turn into a major attraction

After the volcano eruption, Iceland sees the steady growth of tourist arrivals. Source: Icelandic Tourist Board

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