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It might seem like uniquely hostile conditions for a restart.Īs part of the deal that will see Rome become the biggest shareholder in the new company, ITA will begin life with access to €700 million of its €3 billion injection of public money. While the very worst of the crisis may be over, the best case scenarios don’t expect European air traffic to fully recover until 2024 (less optimistic modeling foresees a return to 2019 levels only in 2029). With flights grounded, passengers spooked by constantly-changing travel restrictions and battered carriers going to governments for state bailouts, the aviation industry has been shattered by the coronavirus. It's not even clear that customers will be able to tell the difference ITA plans to bid to buy the Alitalia brand and continue flying in its iconic livery.īut ITA and the government in Rome are confident they will avoid the mistakes made by the legacy airline, even as the new carrier enters an aviation market pummeled by the pandemic. "It would be wise to acknowledge this and renounce having a national airline to save the taxpayers 3 billion.” “I think that no Italian politician and no Italian citizen seriously believes that Alitalia’s substitute can survive in such a highly competitive market," said Ugo Arrigo, an associate professor at Bicocca University in Milan. That history has left many doubts about whether the new venture will be any different. Alitalia saw six failed rescue attempts in 12 years, and burned through €10 billion in government bailouts and loans since it was privatized in 2008. Italian Prime Minister Mario Draghi recently said he was sorry to see Alitalia go, describing the airline as a “family thing, even if it’s a bit expensive.” But in recent decades, Alitalia was better known for strategic missteps, inefficiencies, labor strife and vast amounts of red ink. It marks the formal end of a 74-year-old airline that was once the pride of Italy and could count on luminaries such as Sophia Loren and the pope as customers.