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The International Air Transport Association (IATA) has warned that fuel prices could increase and the global aviation industry will face a setback while Japan recovers from the earthquake.

While it is too early to assess the long-term impact of the Japanese tragedy on the global air transport industry, IATA said there would be a major slowdown in Japanese air travel in the short-term. “‘The thoughts and prayers of the air transport industry are with the Japanese people at this most difficult time,'” said Giovanni Bisignani, IATA’s director general and CEO. “‘Japan is an important link in global air transport. The US$62.5 billion Japanese aviation market represents 6.5 percent of worldwide scheduled traffic and 10 percent of the industry’s revenues.'”

source: Travel News

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