Issue Summary

After the first week of U.S. airline industry earnings calls last month, one thing became clear: U.S. airline CEOs expect leisure demand to go through the roof as people cooped up from more than a year of lockdowns flock to beaches, national parks, theme parks, and to go visit Grandma. After a week of European airline earnings, however, another thing becomes clear: European CEOs are much more muted. The pace of vaccinations has been much slower across Europe (with some notable exceptions) than in the U.S. Moreover, several European countries maintain strict travel restrictions. Despite European Union officials saying the…