One of the sectors that has been really hard hit by the Russia-Ukraine conflict is the aviation sector. Russia recently announced a ban on flights from 36 countries "as a retaliatory measure for the ban by European states on flights by civil aviation operated by Russian airlines or registered in Russia". This includes all 27 European Union nations, along with the United Kingdom and Canada.
As per the reports, European airlines, especially those connecting Europe with the Eastern Asia have already started feeling the heat of the war, which started by avoiding flying over the Russian airspace. It dramatically increased flying time to Asia and the far Eastern sectors.
Further, reports have it that the closure of Russian airspace to EU operators has made a big impact, and hurt the airlines more. Owing to the closure, airlines are now required to divert flights which are leading to increasing operational costs and increased flight time. For example, it might now take up to 5 hours of extra flying time for a flight to travel between Tokyo and Helsinki.
Add to this the escalating jet fuel costs, which reportedly, have reached a record price since 2008, and airlines across the world are grappling with the rising costs, which will in the coming days, likely lead to airlines increasing airline ticket prices and fares.
As per the reports, fuel accounts to 20% of the total cost of the airlines and, since the start of the war, the price of the fuel has been going up and has now reached a record number, which is expected to increase even more.
11/03/22 TimesTravel
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