The International Air Transport Industry announced today that airlines around the world will lose $4.7 billion in 2009. Revenues are expected to drop by $62 billion dollars this year, a 12% dip. That is almost double the drop the industry saw after the events of 9/11.

According to Giovanni Bisiganni, CEO and Director General of the IATA, "The state of the airline industry toady is grim. Demand has deteriorated much more rapidly with the economic slowdown than could have been anticipated".

Combine a $4.7 billion loss with an already burgeoning $170 billion dollar debt and you have an industry in serious trouble. If not for falling fuel costs, who knows just how dire this situation may be.

North America seems to be in the best shape of all the regions. Bisiganni said, "they cut capacity early and, with little hedging, are benefiting from low spot fuel prices. They will basically break even."

So what does that mean to the consumer? Well, it's good news if you are planning on booking a trip anytime soon. As the airlines continue to compete for what little business there is, fares will continue to stay low. If you have been thinking about taking a trip this year, now is a great time to book your flight. Travel reservation websites are the best bet for finding the best deals and cheap airline tickets.

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Time and the recovery of the economy will tell the long term story of the future of the airlines. For now their loss is your gain, so book that flight for the trip you have been wanting to go on. Take advantage of cheap airline tickets and at the same time help an industry in need.