Air Travel Group IATA Says Airlines Stand To Lose Billions If Euro Crisis Worsens

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GENEVA - A global aviation trade group says earnings in the industry will likely decline to $3.5 billion in 2012 but those could turn into steep losses exceeding $8.3 billion if the eurozone crisis veers toward catastrophe.

For 2011, the industry says it anticipates that surging oil and fuel prices will clip it profits at $6.9 billion