European airlines are warning that jet fuel shortages could hit within the next three weeks, which would significantly impact the continent's economy, CNBC reported.
ACI Europe, which represents airports in Europe, said a jet fuel shortage would severely impact airline operations.
Europe's airport industry has warned that jet fuel shortages could hit within three weeks, disrupting summer travel and "significantly" harming the European economy.
"At this stage, we understand that if the passage through the Strait of Hormuz does not resume in any significant and stable way within the next three weeks, systemic jet fuel shortage is set to become a reality for the EU," a letter written by ACI Europe to EU Commissioner for Sustainable Transport and Tourism Apostolos Tzitzikostas reads.
In the letter, obtained by CNBC, ACI said the timing couldn't be worse, with "peak summer season" set to begin.
ACI said air travel generates nearly $1 trillion in gross domestic product for European economies and supports 14 million jobs.
"It is essential that the EU prioritizes the availability and stable supply of jet fuel as part of its response to the oil and energy crisis triggered by the conflict in the Middle East," it added.
The International Air Transport Association said jet fuel prices increased 103% month-on-month as of March, following the start of the U.S. and Israel attacks on Iran.
The price of jet fuel in the U.S. roughly doubled, increasing from $2.50 a gallon on Feb. 27 to $4.88 a gallon on April 2, CNBC reported.
German airline Lufthansa is creating contingency plans due to the war, including grounding some of its aircraft, CNBC said.
Scandinavian airline SAS said it was canceling 1,000 flights this month while low-cost carrier Ryanair said it might have to reduce capacity and cancel flights due to fuel shortage concerns.
Sam Barron ✉
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