{"id":10053,"date":"2023-11-06T06:08:14","date_gmt":"2023-11-06T06:08:14","guid":{"rendered":"https:\/\/infundpros.com\/business\/eu-pressures-airlines-over-soaring-fares\/"},"modified":"2023-11-06T06:08:14","modified_gmt":"2023-11-06T06:08:14","slug":"eu-pressures-airlines-over-soaring-fares","status":"publish","type":"post","link":"https:\/\/infundpros.com\/?p=10053","title":{"rendered":"EU pressures airlines over soaring fares"},"content":{"rendered":"<div>\n<p>Stay informed with free updates<\/p>\n<p class=\"article__content-sign-up-topic-description\"><span>Simply sign up to the <!-- -->Airlines<!-- --> myFT Digest &#8212; delivered directly to your inbox.<\/span><\/p>\n<p><iframe class=\"article__content-sign-up-iframe close\" scrolling=\"no\" id=\"signUpIframe\" data-prev-url=\"\/register\/in-article-sign-up?ft-content-uuid=34e2aeee-2172-4f70-8b0f-30d77a2e8c51&amp;concept-id=d83d0667-fb03-477f-8551-7e72f6234c41\"><\/iframe><\/div>\n<div id=\"article-body\">\n<p>Brussels is probing the recent rise in air fares across Europe after airlines pushed up prices by as much as 30 per cent over the summer, leading to bumper profits. <\/p>\n<p>Adina V\u0103lean, the EU\u2019s transport commissioner, told the Financial Times that EU officials were \u201clooking into detail\u2009.\u2009.\u2009.\u2009of what is exactly going on in the market and why\u201d.<\/p>\n<p>The European Commission does not have the power to regulate air fares, but V\u0103lean\u2019s intervention adds to pressure on airlines over the recent price rises, triggered by a travel boom and supply chain issues. She said she was seeking explanations from airlines about the rise in fares and the potential barriers to connectivity in the bloc. <\/p>\n<p>Average air fares across Europe were between 20-30 per cent higher over summer 2023 compared with 2019, according to EU data released in October in response to a question in the European parliament. <\/p>\n<p>V\u0103lean said she had no plans to intervene in the \u201cfunctioning\u201d aviation market but the commission needed more details of the industry dynamics that had led to the higher prices.<\/p>\n<p>\u201cWe are still investigating because we don\u2019t have a full, detailed explanation,\u201d she said, particularly on whether the fare rises were a long-term trend.<\/p>\n<figure class=\"n-content-image n-content-image--full\"><picture><source media=\"(min-width: 700px)\"  width=\"2290\" height=\"1527\"><\/source><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/infundpros.com\/wp-content\/uploads\/2023\/11\/https:\/\/d1e00ek4ebabms.cloudfront.net\/production\/424d77bf-af72-4848-881e-e2bb0dae6ad4.jpg\" alt=\"Adina V\u0103lean, the EU\u2019s transport commissioner\" data-image-type=\"image\" width=\"2290\" height=\"1527\"><\/picture><figcaption class=\"n-content-picture__caption\"><span>Adina V\u0103lean, the EU\u2019s transport commissioner: \u2018We do expect that capacity is not going to grow at the same level as the demand [for flights]\u2019<\/span><span> <!-- -->\u00a9 Stephanie Lecocq\/EPA<\/span><\/figcaption><\/figure>\n<p>Brussels is concerned that high air fares could affect the EU\u2019s outer regions, such as islands or isolated territories that rely on aviation for connections with the rest of the bloc.<\/p>\n<p>\u201cWe cannot go as a regulator into micromanagement of prices or imposing that, I don\u2019t think this is doable or desirable,\u201d V\u0103lean said. \u201cOn the other hand, what I as a regulator worry [about] is that a price [could] become a barrier for connectivity. <\/p>\n<p>\u201cWe are in a permanent conversation with the industry\u2009.\u2009.\u2009.\u2009to understand what the cause of this development is.\u201d <\/p>\n<p>V\u0103lean\u2019s intervention adds to political pressure on airlines over rising fares.<\/p>\n<p>The Italian government has proposed capping prices on routes to some islands, although it partially backtracked in September and instead gave the country\u2019s competition authority new powers to police ticket prices.<\/p>\n<p>Airlines are free to set their own fares under EU laws, and the liberalised air market has historically driven down prices and opened up new routes.<\/p>\n<p>However a surge in demand for flights has this year, amid a shortage of aircraft, drove up ticket prices. Many airlines retired planes during the coronavirus pandemic, while supply chain problems hit deliveries and inflationary pressures across fuel and labour also pushed up costs. <\/p>\n<p>While ultra low-cost carriers Ryanair and Wizz Air are flying more than in 2019, most European airlines are not. <\/p>\n<p>Airlines including British Airways owner IAG, Air France-KLM and Lufthansa still reported record profits over the summer, helped by rising fares, partly repairing the damage to their balance sheets during the pandemic. The global industry has more than doubled its profit forecast for the year, according to the sector\u2019s trade body, as a result of surging post-pandemic demand for travel. <\/p>\n<p>V\u0103lean said she feared higher prices would continue because of the imbalance between demand for travel and tight supply of new aircraft. <\/p>\n<p>\u201cWe do expect that capacity is not going to grow at the same level as the demand.\u201d <\/p>\n<p>Airlines also face paying a higher price to pollute after member states and the European parliament last December agreed rules that will speed up the phaseout of free carbon credits given to airlines under the bloc\u2019s emissions trading system and require the industry to report on non-CO\u2082 emissions too.<\/p>\n<p>Airline bosses have said they broadly support the EU\u2019s ambitious climate targets, but insisted that they need more support if they are to cut emissions, particularly in the development of sustainable aviation fuels. <\/p>\n<p>IAG, Lufthansa, Air France-KLM, easyJet and Ryanair have been contacted for comment. <\/p>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.ft.com\/content\/34e2aeee-2172-4f70-8b0f-30d77a2e8c51\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Stay informed with free updates Simply sign up to the Airlines myFT Digest &#8212; delivered directly to your inbox. Brussels is probing&#8230;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[22],"tags":[],"class_list":{"0":"post-10053","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-business"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>EU pressures airlines over soaring fares | inFundPros<\/title>\n<meta name=\"description\" content=\"Stay informed with free updatesSimply sign up to the Airlines myFT Digest -- delivered directly to your inbox.Brussels is probing the recent rise in air\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/infundpros.com\/?p=10053\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta 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