Europe only manages a piecemeal approach to airline state aid

Across the world, governments are struggling to provide financial underpinnings for their key industries. Meanwhile, and in spite of the pre-crisis existence of a single European market, European governments are each adopting their own approach to supporting airlines.

France has agreed aid for Air France (but not yet for other French airlines) and the Netherlands aims to help KLM. Lufthansa Group is seeking support from its home countries, while Virgin Atlantic has asked the UK for aid and is also seeking new investors.

Italy plans to renationalise Alitalia, Condor has state loan guarantees and Norway's proposed aid to Norwegian will almost wipe out existing equity. Varying levels of support have been agreed for Finnair, Icelandair, TAP Air Portugal, airBaltic, TAROM, Blue Air and Croatia Airlines.