Forgive me,Sigma. But I would say a drop of around 40% is more than a drop. But I guess it depends on the person......
But I agree, it is what it is
While traffic levels in September of 2001 specifically were very low, by October they were already back up 25%, and as a result, total US pax traffic fell just 7% in 2001 compared to 2000 where it remained largely flat for 2002 -- that's a big deal when an airline is lucky to make a 5% margin, but when airlines make 20-50% margins as they do here, it's barely even noticeable to a well-run airline. My MT2 airline, though I haven't touched in a probably 2 real-months, is still making more money than I know what to do with. And by 2003 demand had virtually completely rebounded and by 2004 demand was already 10% higher than its peak.
Actually, while everyone here talks about 9/11, there's as much of a hit to demand as a result of the 2009 recession as there is as a result of 9/11.