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Why the Survival of the Airlines Depends on Frequent Flyer Programs

It turns out frequent flyer programs are worth more than the airlines themselves

A fleet of Delta Airlines jets parked at the Southern California Logistics Airport (SCLA) due to decreased air travel.
A fleet of Delta Airlines jets parked at the Southern California Logistics Airport (SCLA) due to decreased air travel in Victorville, California. Photo: David McNew/Stringer/Getty Images

ore than six months after the World Health Organization first declared Covid-19 a pandemic, airlines are barely limping along. The TSA’s daily passenger count tracker currently shows that air travel is down about a…