European airlines cutting fares to woo back passengers

With the coronavirus crisis putting a chill on travel, European airlines are reducing fares to attract passengers and fill the planes that are still flying. Travel restrictions adopted by many countries to stem the spread of the disease have clobbered airlines, bringing air traffic to a near halt in the spring. And while traffic picked up during the summer, it is now falling off again. According to Eurocontrol, which coordinates air traffic in Europe, traffic has been slowing over the past couple of weeks, and is now 54% below its comparable level last year. A European airline trade association has put August traffic even lower, at just 30% of 2019 levels. Eurocontrol is now more pessimistic about a recovery for the sector. In the spring it had expected traffic to be 30% below 2019 levels in October, but it now sees a 57% drop. While the pandemic has left airlines starved for cash, they have begun to cut fare prices. According to ForwardKeys, a company which analyses the tourism market, airlines trimmed fares from Britain, France, Germany and the Netherlands to destinations in southern Europe by 15% in August compared with the same period last year. In a study released Thursday it found that prices on some routes were down by more than one third.<br/>