The airlines’ Scylla and Charybdis. Have they missed the sweet spot?

These days, where airlines are concerned, even the good news turns bad. Yes, the predicted bump in demand has occurred as governments put COVID behind them.

But, so far, it's not demand that is the problem. It's supply that's attracted the headlines.

Getting enough aircraft back in the air and on time has been the real killer. Around the world it's attracted enormous public angst, and as always it's mostly directed at the airlines, even if it is as much - or even more - due to airport and airways constraints on recovery.

As a result, for most, even getting back to 2019 passenger levels has been a challenge.

That means they haven't been able to reap the rewards they'd been relying on - while escalating costs make for a need to recalibrate.

Plunging share prices show the market's disillusionment with the industry.