The recession could lead to just four European airlines surviving, the boss of budget carrier Ryanair has predicted.
As many as five to six European airlines could go bankrupt between now and Christmas, added Ryanair chief executive Michael O'Leary.
And eventually just British Airways, German carrier Lufthansa, Air France and Ryanair will survive, he forecast.
Mr O'Leary said that Europe "needed a recession" as an economic downturn got rid of loss-making airlines and made aircraft purchasing cheaper.
He also held out the hope of a new transatlantic low-cost operation within about two to three years with economy fares of just £10 but stressed that this would not be operated by Ryanair and would be a completely separate company.
Mr O'Leary was speaking in London as Ryanair reported half-year profits of £170 million for the six months to September 30 - a dip in profits of 47%.
The Irish carrier said it expected to make losses over the next six months but said that average fares would dip by between 15% and 20%.
Mr O'Leary said that Ryanair had completed a "remarkable performance" over the last few months and that passenger numbers were up 18% in October 2008 compared with October 2007.
He said he thought the recession would be "deep and dark" and could last for 18 months.
Asked about a low-cost transatlantic operation, Mr O'Leary said that it could come about if Ryanair was able to buy around 50-60 long-haul aircraft.
