Security
The 25th Anniversary of 9/11: The Impact on Airlines
The terror attacks in the U.S. inflicted significant damage on commercial airlines
9/11 airlines
Airline employees crowd together on the tarmac at Chicago's O'Hare International Airport to meet President George W. Bush and honor their industry colleagues. September 27, 2001. © U.S. National Archives

The events of 9/11 were disastrous for the airline industry. The immediate effect was the grounding of the airlines for four days while new, emergency security procedures were put in place. 

The airlines were losing hundreds of millions of dollars a day while their planes were idle. Wholesale bankruptcies were very real possibilities. So, the U.S. airline industry went to Congress seeking a bailout package. $5 billion in grant monies were immediately awarded to the airlines, distributed based on available seat miles flown. A $10 billion loan guarantee program was also authorized. The $5 billion in grants was not controversial. The same could not be said about the loan guarantee program.