Finnair, Finland’s national airline, has been navigating a turbulent landscape over the past five years. The COVID-19 pandemic and Russia’s invasion of Ukraine have forced the airline to make difficult decisions to stay afloat. One significant decision was to lay off staff, leaving many employees feeling uncertain about their future.
Financial Struggles
In addition to staff layoffs, Finnair received state-backed rescue measures in 2020 and 2021. These measures aimed to mitigate the airline’s losses during a financially challenging time. However, they have not been sufficient to prevent Finnair from accumulating nearly €2 billion in "consumption debt" since 2020.
Critics argue that Finnair is overly burdened by state expectations, particularly the requirement to maintain loss-making regional routes between Helsinki and other Finnish cities. This expectation puts pressure on Finnair’s finances and complicates the company’s ability to turn a profit.
Ownership and Strategic Considerations
The debate over ownership and control of Finnair has sparked controversy in recent years. Some believe that strategic holdings like Finnair should be reviewed regularly but only sold when Finland is in a strong economic position.
Maija Strandberg, Head of Corporate Governance at the Office of the Prime Minister, emphasized the importance of maintaining accessibility for Finland due to its geographic isolation. She stated, "We are an island… It would be very bad if we didn’t have any air connections." Strandberg believes that strategic holdings should only be sold when the country is in a position of strength.
Signs of Hope
Despite these challenges, there are signs that things may be looking up for Finnair. In March, CEO Ole Orvér announced plans for new long-haul flights between Helsinki and several destinations, including:
- Tokyo Narita Airport
- New York JFK Airport (via Reykjavik Keflavik Airport or London Heathrow)
These new flights are set to begin operating next year with A350 aircraft leased from Airbus Group SE’s leasing arm, Air Lease Corp.
However, the realization of these plans remains uncertain due to ongoing financial struggles facing airlines worldwide, exacerbated by high fuel prices from the war between Russia and Ukraine, as well as rising inflation rates that could impact overall travel demand.
Employee Sentiments
As one employee expressed, "I don’t know what my future looks like right now." It remains unclear how long it will take for stability to return to Finland’s beloved national carrier.
The situation surrounding Finnair continues to evolve rapidly, and updates on developments regarding this story are anticipated.
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