Uploaded February 2021 | Updated September 2026, 3 weeks ago

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Writing by Sam Denby
Research by Sam Denby and Tristan Purdy
Editing by Alexander Williard
Animation by Josh Sherrington
Sound by Graham Haerther
Thumbnail by Simon Buckmaster

Select footage courtesy the AP Archive

References
[1] centreforaviation.com/data/profiles/airlines/virgin-australia-va
[2] iata.org/en/iata-repository/publications/economic-reports/diverse-regional-financial-performance-extends-into-2020
[3] csimarket.com/Industry/industry_Profitability_Ratios.php?ind=1104&hist=8
[4] fortune.com/2020/05/02/warren-buffett-berkshire-airline-industry/; fool.com/investing/general/2014/06/22/the-truth-behind-warren-buffetts-billion-dollar-ra.aspx
[5] thetimes.co.uk/article/ryan-scion-hopes-to-wow-with-icelandic-airline-wab-air-fx0gxsppw
[6] transportation.gov/sites/dot.gov/files/2020-02/Cert%20Carrier%202020_1.pdf
[7] faa.gov/licenses_certificates/airline_certification/air_carrier/complete_preapp_chklist
[8] regulations.gov/document?D=DOT-OST-2020-0106-0001
[9] usac.com/faa/Part135AirCarrierForSale.asp
[10] news.aa.com/news/news-details/2020/A-fond-farewell-to-five-fantastic-fleets-FLT-04/default.aspx; mediacentre.britishairways.com/pressrelease/details/86/0/12468; seekingalpha.com/article/4389893-air-canada-shrinks-30

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