The worst for aviation industry is probably ahead of it, rather than behind

As the first chills of winter arrive, it's increasingly clear that the industry is as deep in the hole as it ever was

If you think your summer holidays were lackluster in an era of pandemic-induced staycations, spare a thought for the world’s airlines.

The industry typically earns some 40 per cent of its profits in the third calendar quarter alone, as the surge in travel gives carriers the chance to finally fill up planes at prices that can pay off their wage, fuel and debt bills.

There were aspirations a while back that the three months through September might see enough of a recovery from coronavirus lockdowns to keep airlines’ heads above water. The 18 per cent improvement in a Bloomberg index of world