The International Air Transport Association released its updated 2009 industry forecast, and the news is grim. Per the Wall Street Journal:
For 2009, the IATA said it now expects an aggregate industry loss of $4.7 billion, compared to a loss of $2.5 billion that it forecast in December.
“The state of the airline industry today is grim,” said Giovanni Bisignani, head of the trade group. “Demand has deteriorated much more rapidly with the economic slowdown than could have been anticipated even a few months ago.”
[..] Falling fuel prices are helping to curb even larger losses for the airline industry. “Fuel is the only good news,” Mr. Bisignani said. “But the relief of lower fuel prices is overshadowed by falling demand and plummeting revenues. The industry is in intensive care,” he said.