Lufthansa and South Korean airlines prepare for crisis amid soaring fuel prices
The German airline Lufthansa is formulating contingency plans in case of flight suspensions triggered by rising aviation fuel costs, CEO Carsten Spohr informed employees on Tuesday. This step addresses a looming crisis impacting Europe's largest airline group.
In South Korea, three airlines have declared a state of emergency due to record fuel price hikes, while others are reducing their flights. Korean Air, the country's largest carrier, joined T’way Air and Asiana Airlines, which have already adopted emergency management systems.
From 14 to 20 March 2026, the global average price for aviation fuel reached $197 per barrel, a 12.6% increase from the previous week. Every $1 increase per barrel raises Korean Air’s annual expenses by approximately 46.5 billion won ($30.5 million). In March, fuel costs reached $194 per barrel and continue to climb.
Jin Air has suspended 45 international flights, and AeroK is partially halting operations.
Lufthansa is among the world’s largest airlines and part of the Lufthansa Group. It operates a broad range of domestic and international flights and is a leader in the European aviation market.
Overall, the aviation industry faces significant challenges due to soaring fuel prices, compelling carriers to quickly adjust operations and financial strategies. This situation may have lasting impacts on both company profitability and passengers.
Given ongoing increases in oil and fuel costs, airlines will likely continue to prepare for potential flight restrictions and implement crisis plans to mitigate losses.
