Flying will become an increasingly elite activity for the wealthy.
Why? Listen here.
More: Global airline industry hit by financial turmoil in US, Europe
IATA is also forecasting that the global airline industry will fly into US$5.2 billion in losses this year, and continue to operate at a loss of US$4.1 billion in 2009.
"Perfect storm" could hit aviation, if steps not taken :IATA
As many as 25 carriers worldwide have folded up operations in the past several months due to huge losses, the latest being Italian national carrier Alitalia, leading to over 100,000 jobs in the aviation sector being lost.
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