Have European Private Jets Finally Emerged From The Great Recession?

Rising from the ashes of 2008 economic crisis and dispelling Brexit fears, business aviators gear up for the upcoming EBACE 2018

- Arpita Kala

WHILE THE 2018 EUROPEAN BUSINESS AVIATION CONVENTION & Exhibition (EBACE2018) doesn’t kick off until May 29, this edition has the business aviation community very eager. Especially, after the recent global changes such as the Brexit as well as the trickle-down effect of The Tax Cuts Act in the United States.

The 3-day long, European Business Aviation Association (EBAA) and the National Business Aviation Association (NBAA) hosted event, will bring together 13,000 business aviation professionals, feature hundreds of exhibitors as well as static display with more than 50 aircraft and numerous education sessions. And, if that isn’t enough, ‘Jetman’ Yves Rossy will kick-start the event’s Opening Session this year. The Swiss military-trained pilot, Rossy, has invented a series of experimental individual jetpacks and is currently using a self-designed jetpack with top speed of more than 150 knots, carbon-fiber wing and four miniature jet engines.

NUMBERS DON’T LIE 

According to intergovernmental organisation Eurocontrol, the last aviation boom in the European skies was in 2002-07 and after the mighty lows during the Great Recession of 2008, the situation seems to be on the mend from 2010 onwards barring a few dips between 2012 and 2015. Then, in 2016 United Kingdom bowed out of the European Union resulting in Britain and the remaining twenty-seven EU members fumbling to forge new relationships. EBAA has also released a Brexit analysis report that calls for negotiators to preserve the current aviation relationship. According to EBAA, business aviation contributes a total of 1,92,000 jobs to the European economy directly, with an additional 1,82,000 estimated to be generated indirectly.