EconomyMarkets

EU lawmakers extend airline slot relief through summer By Reuters

© Reuters. FILE PHOTO: A Wizz Air Airbus A320 passes easyJet planes after landing at Luton Airport

By Marine Strauss

BRUSSELS (Reuters) – The European Parliament on Thursday approved measures to suspend competitive access to airport slots throughout the summer as the coronavirus travel slump drags on.

Under normal rules, airlines must use 80% of their take-off and landing rights at busy airports or cede slots to competitors. The so-called “use it or lose it” rule was waived last March when the COVID-19 crisis grounded most flights.

The new measures approved on Thursday allow airlines to relinquish temporarily up to 50% of their slots in the summer season beginning on March 28 and use as little as half of those they retain without any permanent loss of access.

The suspension of slot rules has become a divisive subject, with low-cost carriers Ryanair and Wizz Air protesting that it thwarts their growth plans.

However, incumbent airlines warn that failure to suspend the rules would force them to fly planes empty to maintain slots, in a return to the “ghost flights” carried out by some airlines before the first waiver was approved.

Welcoming the parliament’s vote, industry group Airlines for Europe said it would “help to mitigate the economic impact of the crisis on European airlines, preserve future connectivity for EU citizens and avoid the unnecessary operation of empty flights and associated emissions”.

The measures adopted on Thursday also delegate authority to the European Commission to issue further extensions to the temporary rules and adjust the minimum useage threshold between 30% and 70%.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.


Source link

Show More

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button