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Essay on Decline In The Aerospace Industry Since The 911 Attacks
The airline industry was in trouble prior to 9/11; however, the events of the 9/11 were an unexpected occurrence and had nothing to do with the fundamental viability of the industry. A reimbursement for losses that occurred since 9/11 seems to make sense since the air industry is such a vital part of the overall economy. It would stabilize an important piece of our national infrastructure.
The September 11th terrorist attacks in New York and Washington came at a time of fragility and feebleness in the economy. The initial shock of the terrorist attacks has been felt mostly in the transportation which includes airline industry. Even though the economic shock of the terrorist attacks quickened layoffs in the transportation industry, it is of paramount importance to note that job losses in this industry were up well before September 11th.
Across the country, airlines declared layoffs of about 20 percent of their staffs following the attacks.
The tormented aviation industry has had a tremendous depressing effect as many prominent airlines have avowed flight decrease and staffing cuts, while putting off orders for aircraft. Reduction in travel will severely influence the lodging industry and convention-related business, which in turn will weigh down one source of earnings for numerous cities.
Main problem started when airlines lost money from nearly a week of idle and diverted planes after 9/11. The second part of the problem is that the public is, understandably, reluctant to resume their normal flying behavior. The first problem is easiest to address, but likely the less costly of the two in the long run (Peter, Fariba, 2002)
People are now a little more cautious about flying, a little more curious about security measures and a little more careful about how they spend their money. Passengers are more demanding of details about security....
