If governments act, airlines will survive this crisis
Source Business Post by Declan Kelly (Chair of Aircraft Leasing Ireland)
“It’s not all doom and gloom. The airline industry will recover; history dictates that fact”
It is not that long ago, 25 years to be precise, since aircraft leasing was a niche business, dominated by a few Irish players who had the vision to believe that passenger demand for travel would grow.
This vision became a reality, so much so that Ireland is now recognised as the global centre of excellence for aircraft leasing, with most of the top aircraft leasing companies in the world headquartered here.
The industry supports nearly 5,000 jobs and contributes more than $600 million to the Irish economy annually. Irish-based lessors manage over 5,000 commercial aircraft, representing about $130 billion by asset value.
Seven months into the worst crisis ever to affect the sector, commentators are asking if we have seen the permanent demise of air travel, and what impact this will have on the leasing industry in Ireland.
Without doubt, the aviation industry is one of those sectors most damaged by the pandemic. Every business connected with air travel has been negatively affected by the events of the past months.
In Ireland, that extends to many support industries, from maintenance, repair and overhaul that maintain and service our aircraft in Dublin and Shannon, to the lawyers and accountants who support aircraft leasing, to the manufacturers of aircraft interiors.
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