What impact is the current downturn having on airports across Europe?
Robert O’Meara. This is the biggest crisis we’ve seen for a very long time. This is bigger than the effects of 9/11, it’s bigger than SARS and it’s bigger than any recent crisis we have experienced. In fact, the fall in traffic over the course of this year will probably add up to something the equivalent of 10 times what happened after 9/11, which is just huge. We have just released our traffic report for May, which has seen something of a relapse. April was an improvement (still negative at minus 4.8 percent), primarily because Easter fell during that month, but for May, air passenger traffic is back down to minus 9.1 percent. Through this recession there are three things that that all airports are having to deal with. Obviously we are finding that less passengers on flights and less flights overall equates to less aeronautical revenue; but, as well as that, less passengers going through the terminal means less commercial revenue as well. Then, to make matters worse, the price of capi
