During next 10 years airline passengers of the whole world will be pleasantly surprised by low ticket prices. It will happen so because of the downturn in the airline industry that leads to the loss of millions of dollars.

According to the International Air Travel Association (IATA) the world airline industry faces high competition and rising oil prices, which will cause the loss of $ 27.8 billion (£ 16,9 billion) in 2008 and 2009.

It is expected that IATA, having 90 percent of the airline industry that includes main airline companies such as British Airways and American Airlines, will not change tickets prices till 2013 as they are considered to be low.

Ryanair, the Europe’s largest budget carrier, forecasted the drop of the cost of airline tickets by 20 percent in spite of the fact that it is going to enlarge its fleet. According to IATA, airfares will go down 12 percent this year.

Giovanni Bisignani, the chief executive of IATA, supposed the $ 80 billion revenue loss was due to a drop of passenger numbers and a weak growth in the cost of tickets. He forecasted that the situation would not change until 2013.

Firstly, IATA estimated $ 9 billion loss but the total airline industry’s loss is $ 11 billion. Despite the fact that passenger numbers will go down 4 percent, a two-year loss will be $27.8 billion

It is expected that the world travel industry will lose $ 3.8 billion in 2010 because of rising fuel costs that account for up to a third of carrier’s overheads.