Well, well, well, it's not just Thomas Cook that's struggling. TUI is feeling the pain as well, and given its size and power, it's fair to say the whole European tour operator market is now in a bad way.
Understandably, Expedia and Booking are both trying to spin this in their favor as much as possible but it seems like a big win for the UK's competition regulator. We'll have to keep an eye on how much it really changes things and whether other countries follow up.
Germania certainly won't be the last European airline to go under this year. 2019 looks like being as challenging as 2018 – even with fuel at a much more favorable price.
If it's tough for Ryanair, you can imagine how difficult it is for other smaller airlines. With a new group structure, it will be interesting to see how big a part the Irish carrier plays in any consolidation over the course of 2019.
It might have been a difficult quarter for Wizz Air but it remains broadly optimistic. Along with other airlines, it will be hoping that the UK government comes to some form of agreement over Brexit.