The global airline industry faces a summer squeeze as travel demand is expected to exceed pre-plague levels, while Boeing’s production problems are causing a sharp drop in aircraft deliveries.

Airlines are spending billions on repairs to continue flying older, less fuel-efficient aircraft and paying a premium to insure aircraft from lessors. However, some airlines are still being forced to reduce their schedules to cope with the shortage of available aircraft. At the same time, the number of travellers worldwide is set to rise to historic highs: 4.7 billion people are expected to travel in 2024, up from 4.5 billion in 2019.