¨We shall never forget, We shall keep this day, We shall keep the events and the tears In our minds, our memory and our hearts and take them with us as we carry on.¨ by: Anonymous (Memorial Website). An epic turn in history all around the world, around 3000 people lost their lives, the two world trade center’s crashed into pieces, the pentagon was crashed… all of this occurred on September 11, 2001. This date till today causes people to tear, as they remember themselves watching the event occur in person, TV or websites. The entire world was watching while it occurred. This attack caused a great impact all around the world, no one could believe what was happening and how. As soon as people got the news they realized that in a blink of an eye one of the biggest tragedies in the history of the United States of America had hit. This date caused negative impact on all kind of industries especially the aviation industry, in this paper you will learn exactly how this industry was affected.
When the attacks of September 11th occurred, the federal government had to completely close down some airports in the US. This created a negative effect on the industry as it was a shock to their entire organization. Planes in the US and around the world were canceled due to this attack as well. Planes were not flying anywhere, as the plan was to prevent any other attack. Each plane that was cancelled had to be paid by the airline company directly. According to the International Air Transport Association there was a drastic change in the amount of flights between the date before and after the event. Around 37,600 less flights flew the day after the attack had occurred. The number of flights dramatically decreased in those three days; in addition every flight after that attack occurred was canceled in the US.
Due to the huge reduction in traveling many airlines had to declare bankruptcy after the 9/11 attack. Airlines were having a loss, they did not receive any profit, and their expenses were too much. They just couldn’t handle the crisis no more; it had brought them to the worst they could have imagined. Airline companies such as US Airways and United Airlines were one of the first ones to declare bankruptcy. These airlines exclaimed that they received a huge amount of financial loss as the lack of passengers and the flights that had been canceled. Even airlines that did not have financial problems before were obliged to find ways to reduce their expenses to be able to survive. Various airlines could not cope up with their expenses, as they did not have enough revenue since their number of travelers had reduced in the year. It was a complete disaster.
According to business insider there were many changes in the airline industry since September 11. They explained that airlines had lost about a total of $55 billion dollars since the terrorist had attacked. Causing a huge financial loss in the industry, it was necessary to cut down certain expenses and see where...