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In April of 2020 air passenger traffic fell by over 90% (see chart in next section) from February 2020 and year ago levels. By late May traffic had doubled giving investors reason for exuberance (irrational as it may be). Unfortunately, a double, in this case, is still 80% below where demand was just two months prior. Also, May is usually a better month for air travel demand than in the dead of winter, making the comparison even worse.
For further perspective, after the September 11, 2001 World Trade Center and Pentagon