12/07/2011 05:41 EST | Updated 02/06/2012 05:12 EST

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

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