For 2009, the IATA said it now expects an aggregate industry loss of $4.7 billion, compared to a loss of $2.5 billion that it forecast in December.

Reflecting the rapid deterioration in global economic conditions, IATA said it expected industry revenue to fall by more than in the aftermath of 9/11, by some 12%, or $62 billion, to $467 billion. Between 2000 and 2002, industry revenue fell $23 billion.

Falling fuel prices are helping to curb even larger losses for the airline industry. “Fuel is the only good news,” Mr. Bisignani said. “But the relief of lower fuel prices is overshadowed by falling demand and plummeting revenues. The industry is in intensive care,” he said.