It will recover, but it will take time. And it was really bad in 1991. I was on several transatlantic flights (as PAX) at the time when passenger loads were below 50 on 747s. No one was flying unless they had to. Corporate America was going through a really bad time as well, so business travel was well down. Most airlines were in trouble and some folded. That's exactly what we are seeing today.
When will it recover? Who knows, but many businesses are predicting an upturn (praying?) by the middle of next year. Business confidence will help the airlines (business travellers are guys who make yields look good). Consumer confidence and consumer travel will return after that - and it's nearly 2003.
It's going to be very difficult until at least then.
[ 20 September 2001: Message edited by: Red Snake ]