Germany’s Lufthansa Group is axing 20,000 short-haul flights until October as it grapples with rising jet fuel prices and potential shortages in Europe stemming from the conflict with Iran.
The company announced yesterday that the initial 120 daily flights were canceled on Monday, lasting until the end of May. The coalition – which, besides Lufthansa Airlines, consists of SWISS, Austrian Airlines, and other airlines – mentioned that the canceled flights are expected to save around 40,000 metric tons of fuel.
Airlines worldwide are cutting back on their flight schedules that were once profitable due to lower fuel prices but are now losing money since the average price of jet fuel has about doubled since the war began.
Europe, reliant on imports for about 70% of its jet fuel, may encounter shortages and potential rationing in the upcoming weeks. Prior to the war closing the Strait of Hormuz, the majority of imports originated from the Middle East.
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