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"The industry is in crisis, perhaps the biggest crisis we have ever faced," said IATA secretary general Giovanni Bisignani at the start of its general meeting in Istanbul.
"Our industry is like Sisyphus: after a long uphill journey a giant boulder of bad news is driving us back down," Bisignani said.
"Twenty-four airlines went bust in the last six months," Bisignani said, adding that ticket prices were set to rise "to reflect (the) cost structure." British Airways head Willie Walsh agreed, telling a discussion panel: "I expect that the fares will increase."
IATA said Monday its member airlines faced losses of 2.3 billion dollars this year due to soaring fuel costs, dramatically reversing a forecast of profits nearly twice that figure.
"The industry is in crisis, perhaps the biggest crisis we have ever faced," said IATA secretary general Giovanni Bisignani at the start of its general meeting in Istanbul.
The International Air Transport Association represents around 240 air carriers accounting for 94 percent of world air travel.
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