Some universal truths about Europe’s airlines emerged during the opening quarter of 2018. All enjoyed strong demand conditions, in pretty much all markets, all segments and all classes of service. They were all shielded somewhat from the ravages of spiking fuel prices, by relatively strong currencies against the U.S. dollar and in some cases hedge protection. All benefited to some degree by the bankruptcies of Air Berlin, Monarch and Alitalia. And all benefited from an uptick in the continent’s economic growth.
