But while the world’s major airlines may soon be back in the black, they also face new and re-emerging challenges. These include the surging cost of fuel (which is pushing up ticket prices), ongoing performance hiccups, acute staff shortages and escalating supply chain problems, all against the backdrop of mounting pressure to decarbonise.

The regions that adopted a hardline approach to COVID-19 restrictions have been slower to return to profit. North America, which bucked the hard border closure trend early, is expected to rake in nearly $US10 billion in profits this year while the Asia-Pacific region is not expected to be profitable until at least 2024 due to China’s COVID-zero approach.

With scientists warning the coronavirus will not be the last pandemic in our lifetime, the aviation sector is under immense pressure to ensure it becomes “future proof” to avoid another near-demise.

“We know aviation is important in responding to pandemics by enabling the shipments of vaccines and PPE. It’s important to keeping the global supply chain moving. In the future we need better treatment and better recognition of the role and importance of airlines,” IATA’s James Wiltshire said.

China’s importance

IATA did not mince words when it came to the importance of China’s return to the market. Chief economist Marie Owens-Thomsen said global recession could not be avoided if China did not return to international flying soon, but it was unlikely this would happen until the…