There is a semi-world catastrophe in the airline industry, and those who have found themselves buying a plane ticket these days have experienced it firsthand.
A severe shortage of pilots in the United States has cut flights just as the travel season begins, which CNBC says will drive up ticket prices this summer. Since the work of an airplane pilot is an international profession par excellence, this shortage then has repercussions on Europe and the rest of the world. Outside the EU, especially in Asia, the airlines have resumed the development and demand for the Covid, so we have to make the clay pot under the iron ones.
The origins of the shortage began in the early days of the virus pandemic, when pilot hiring, training and licensing was halted. Then airlines forced thousands of pilots into early retirement to drastically reduce labor costs as demand for air travel increased.
Now the Capitol Hill legislature is proposing legislation to raise the retirement age for airline pilots from 65 to 67 to increase pilots’ flight time while the industry looks for solutions. A reversal from just two years ago. The hardest hit are the regional and low-cost airlines, which pay slightly less for pilots and have fired more easily in order to make short-term profits. Now they have no flights and as a result are even experiencing significant loss of profits.
If we then add vertical price growth for aviation fuel, which is even more accentuated in the EU by the Green Deal requirements, we have the perfect storm. Here is the development of jet fuel prices in the USA
So this summer is gearing up for one hell of a season for air travel, with ticket prices skyrocketing and limiting the number of people who can move on either side of the ocean. A catastrophe also for Italian tourism, which runs the risk of having to do without some of its customers.
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