That worst-case isn’t here yet, but social activity is grinding to a halt. What we are witnessing is a rapid shift in world fortunes without precedent. Just one example is the airline industry, whose level of activity is dropping like a stone. Airports around the world support ecosystems of restaurants, stores, taxis and hotels that will all be affected if air travel remains depressed. In Europe alone airports and related businesses support almost 12.5 million jobs, worth some $758 billion, according to the Economic Impact of European Airports study. Continue reading →