In two short sentences, Flybmi’s announcement that it had collapsed summed up the airline industry’s woes: fuel costs, green taxes, Brexit uncertainty, falling passenger numbers. It might have added fierce competition, but that is probably a statement of the obvious.

Several European airlines have folded or hit financial trouble during the past two years. Britain’s Monarch collapsed in October 2017, while Germany’s Germania filed for insolvency earlier this month.

Air Berlin and Alitalia went bust, although the

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