After Air Berlin and Flybmi, Wow Air also remains on the ground: The Icelandic low-cost airline announced on Thursday that all of its flights had been canceled. Until recently, the Icelanders were hoping to find new investors and complete a capital increase. But talks with competitor Icelandair failed. Even venture capitalist Indigo Partners couldn't help. Even the planned halving of the aircraft fleet, which the company announced at the end of last year, probably couldn't help the airline.
Low-cost airlines in competition: Falling ticket prices and rising fuel costs are driving more and more companies into bankruptcy
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Low-cost airlines have struggled with many problems over the past three years: There are simply too many airlines at the moment. The oversupply of flights is the reason why ticket prices are continually falling. At the same time, fuel and personnel costs are rising. In 2017, Air Berlin fell victim to competition. Shortly afterwards, Flybmi, Small Planet Airlines and Primea Air followed. Germania also went bankrupt and, despite all attempts, could not be saved. Experts believe that this wave of bankruptcies will not stop with Wow Air. In the foreseeable future, prices will continue to fall,the holidaymakers have tobut expect more stress at the airports and a lot of uncertainty.
Wow Air informed passengers of the bankruptcy via text message
The company, which offered cheap flights between Reykjavik and Berlin-Schönefeld, as well as Frankfurt and Düsseldorf, had now informed its customers via SMS or email. Passengers were asked to seek other transportation options. Other airlines may be able to offer you cheaper offers. More than 3 million travelers now have to rebook tickets. It remains unclear whether there is still hope for Wow Air and whether the airline will find a way out of the difficult situation at the last minute or stop operations forever.
