Have the 9/11 effects been somewhat reduced?
I remember when it used to be almost a bloodbath where as this time in gw1 and US based it's not exactly been a huge effect on the airlines.
The effect is quite massive! 40% in demand reduction and I'm in HKG! We'll see quite a few bankruptcies world wide
Cheap fuel is masking a lot of the effect.
In GW#2 it wasn't that hard either. However it still weakened a lot of airlines, and when the spike came soon after... Bam!