Probably! I'm sure that at least some of the fraud and fraud-adjacent shenanigans you see in the Icelandic startup and entrepreneur scene is because of all the dumb money with nowhere to go.
@alda@baldur I think airlines in general struggle to make much money. They're generally terrible investments, the capital and regulation costs are really high. SAS has been doing poorly for years. Most airlines seem to need bungs from governments fairly regularly.
The opening line from this report "The airline industry has failed to earn its cost of capital in every year of its existence."..
@Ruth_Mottram@baldur Legacy carriers generally are due to competition from low-fare airlines and obligations towards their current and former employees.
But the thing is that some of them do stem from the times when some large corporations and joint ventures were social enterprises and at least some conservative business tycoons considered it their role to chip in to transport enterprises in that way.
My hometown used to have a ferry that was run in that way.
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