If it is a new money making machine then it's been very badly designed!
The fees charged to the operators will only cover the costs of setting up the scheme - 25 times because each state will do its own.
Free credits will be given out to airlines up to 97% of their benchmark 2006 emissions. Great for airlines with old-tech gas-guzzlers.
A small percentage (15% I think) of credits will be auctioned so some money will be gathered.
After that we will all have to trade on the global exchanges - so the dosh will be made by other industries that already have mucho credits and can swap to renewables or move their huge industrial facilities outside the EU. Aviation can only used approved fuels so the possible savings will be meagre unless business goes totally down the gurgler. In that case the value of a few, measly credits will probably not be significant.
The point is that the costs of compliance are likely to be greater than the costs of the actual carbon credits for some small operators! It is so badly designed as to be criminal.