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What airlines did after 9/11, and what they're doing now as they deal with the fallout from the coronavirus pandemic and US travel ban

What airlines did after 9/11, and what they're doing now as they deal with the fallout from the coronavirus pandemic and US travel ban

Flights were grounded on 9/11

Demand took a big hit

Airlines experienced a decline in passengers for 12 straight months after 9/11, according to a report by Barron's.

It took them 22 months of growth to get back to pre-9/11 levels.

From August 2001 to October 2001, demand declined by 30%, according to JetBlue CEO Robin Hayes.

Low-cost carriers gained ground after 9/11

As airlines dealt with the fallout in the years after 2001, low-cost carriers gained ground in the airline industry.

Low-cost carriers went from having 12.3% of market share in 2001 to 18.1% in 2003, according to analysis from the Business Travel Coalition.

Some airlines merged

The ramifications were felt for years after 9/11. United and Continental merged in 2010, and low-cost carriers Southwest and AirTran merged as well.

Now, demand is declining again

Airlines around the world are hurting from decreased demand. United Airlines said on Tuesday that it has experienced a 70% decline in demand for domestic flights, and that it will cut flights in the coming months.

Some airlines might go out of business

Korean Air said that it might go out of business because of the coronavirus pandemic.

Reuters reported that in a note to employees, the company's president, Woo Kee-hong, said that "if the situation continues for a longer period, we may reach the threshold where we cannot guarantee the company's survival."

Korean Air has grounded around 100 of its 145 passenger aircraft, according to the report.

Airlines are asking for help

Airlines were recently granted a waiver by the Federal Aviation Administration, according to a report by CNN.

The waiver allows airlines to stop running "ghost flights" — costly, empty flights — that were used to keep essential slots for takeoff and landing.

Airlines could recover more quickly than after 9/11, though the path forward is uncertain

Airlines could recover more quickly than after 9/11, according to Helene Becker, an analyst at Cowen quoted in the Barron's report.

She noted that airlines in China are already starting to recover, but that airlines more reliant on business travel, like American Airlines and Delta Airlines, could experience a longer recovery as the economy struggles.

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