This is giving me a headache. I have been very sick (still am) so I don't feel like having long dialogues, so give me a pass on that:
These figures come from DOT and from the GAO. Not wiki. Revenues to the Major carriers had already dropped
41% in the first 6 months of 2001. Legitimate industry analysts (again wiki) projected industry wide annual losses of 2 to 3 Billion long before the attacks in September. Several carriers were already in the process of negotiating loans to preserve their liquidity. This is fact.
"As Senator Fritz Hollings (D-South Carolina), then chairman of the Senate Commerce Committee, said
in late September 2001: “The airlines told us they were going broke long before these attacks occurred,
while at the same time giving their executives $120 million in salaries and bonuses this year."
Again, DOT figures (not wiki) The carriers (427 of them)
all received in total, 5 billion in cash. UAL for example got 774 million, AA got 664 million and DAL got 636 million. The loans (again from DOT) that were paid out to the 7 carriers totaled 1,558.6 billion. Some carries did not qualify or ask for loans, some were able to get private loans, some got private loans and used some of the government loans as collateral for private loans exceeding what they received form the government loans, but the money - 10 billion was set aside for them. That is where the 15 billion figure comes from. To recap:
Congress passed the Air Transportation Safety and System Stabilization Act, which provided a means to stabilize the industry at a time when it was financially reeling. This act provided a framework for federal financial assistance, including:
5 billion in direct compensation, 10 billion in guaranteed loans, insurance protection and liability protection and also - 40 billion for the federal response to the terrorist attacks,
including funds for increased transportation security. In reality, 43 billion spent in 10 years for airport security alone with only 40% covered by the pax from the $2.50 security fee per flight.
Lets also not forget: Most carriers had War Risk Insurance that they obtained through commercial insurance companies which covered damage due to any act of war or terrorism, including invasion, insurrection, hijacking and rebellion. This covered complete hull loss or damage, Pax liability - either death or injury and also covered third party on the ground/anything outside of the aircraft liability.
Read pages 9, 10, and 11 to see how the government stepped in after insurance companies raised the premiums after 9/11 to the carriers to the tune of 68 billion to cover the increase in premiums for the carriers, and in 2007 starting issuing the insurance themselves to the carriers. This is all covered in a GAO report. It was supposed to be a temporary fix but has already been extended several times. It has saved the airlines hundreds of millions of dollars. This again is not from wiki.
http://www.laane.org/downloads/ShortchangedStudy.pdf
Then we have the pension bailouts. Read pages 12, 13, 14.
Then we have huge subsidies that many states (especially California - state and local totaling 487 million) have granted to the carriers since 9/11.
We can go on, because there is more. I have to have a lie down though.