Hot news? I don't think so. Qantas' news was originally leaked a month or two back. Many airlines have announced slower growth or route cutbacks reflecting the disappointing economic situation over the last 3 or 4 months. The US airlines' problems are well known and have been strung out over the last 2 years; how United is still trading at all is difficult to credit(!).
The process of economic uncertainty and retrenchment in the months before a major war is well known, and has happened many times in the past. Equally predictable is the rapid recovery in the economic outlook as uncertainty is removed. The stock markets are already reacting in the time-honoured fashion even though not a shot has been fired (the same happened prior to Gulf War 1). Expect the oil price to drop to $20 per barrel within 3 months; those airlines that hedged their fuel 9 months or so ago when oil was $25 - $28 per barrel will do very well out of this! Those who buy on the spot markets will be suffering.
The cost of rebuilding Iraq, and the cost of military action, will be large, but not large enough to slow the West's economic recovery significantly. There is likely to be some trade backlash between the US and France, Russia and Germany, and some favouritism between the US and UK, Spain, Italy, Australia and the many others that have supported the US line. This will help economic recovery in those countries, and aviation will benefit.
I expect the outlook in 3 months' time to be very positive - but translating that into real jobs will take a good while!
Scroggs