Phoenix iMarkets compiled from CNN Money website for European airlines, can be described as a few happy tears.

Since January of this year, Air France-KLM Group (Air France KLM) shares soared 146%, while German rival Lufthansa (Deutsche Lufthansa) shares rose 105%, British Airways (British Airways) owner International Airlines Group ( International Airlines Group) also rose 47%.

At the same time in these large, historic success of the airline, the small airline miserably rolling.

Berlin featuring cheap airlines (Air Berlin) is bankrupt; Air Italy Alitalia (Alitalia), once again failed to get emergency aid, could not escape; Monarch Airlines (Monarch Airlines) has ceased operations earlier this month . Flybe (Flybe) is also a feature of cheap airline, has recently become the latest victim. On Wednesday, its shares fell 20%. Previously, the company warned that unexpectedly high costs will be substantially reduced its profit in the first half.

Analysts believe there are several factors leading to such differences, including malicious price war initiated by various Ryanair (Ryanair), a number of easyJet (EasyJet) and other European low-cost airline, which led directly to short-haul ticket prices continued to slump. City Index Company (City index) analyst Ken - Odd Fallujah (Ken Odeluga), said: "We are in a serious airline price war for decades never met such a tragic situation in price. war lasting at the same time, the main flag carrier looks more attractive. "

The historic (large) from airlines but also in its own special products - benefit from long-distance travel business. Air France KLM said the first three quarters of this year, long-distance passenger travel increased by 4%. The company obtained revenue from long-distance travel is twice excursions.

On Lufthansa and International Airlines Group (IAG), the difference, although not so big, but the number of companies are becoming more and more visitors. Lufthansa passengers up 18% of total travel, the International Air over the same period rose more than 3%.

The third major airline success factor is brought to establish alliances between major airlines dividends. Earlier, Air France and KLM have been three major global airline signed an agreement worth $ 1.2 billion to build a large number of long-haul flights offer virtual super airlines. These three airlines are Delta (Delta), China Eastern Airlines (China Eastern) and Virgin Atlantic (Virgin Atlantic). Lufthansa is to participate in the Star Alliance, providing trans-Atlantic flight connections through the airline alliance. It is reported that Star Alliance (Star Alliance) was established in 1997, is headquartered in Frankfurt, Germany, is the world's first global airline alliance.

Goodbody Stockbrokers (Goodbody Stockbrokers) analyst Mark - Simpson (Mark Simpson) said the loss of small competitors to existing airline is beneficial. He also said that the airline is in a large rise in profits "virtuous circle" in. Earlier, Lufthansa signed an agreement to buy part of the shares of Air Berlin, Lufthansa also said it is interested in buying the assets of Alitalia.

But analysts think that this "virtuous circle" is also facing the risk of disruption. Britain is one of them off Europe. If the United Kingdom in March 2019 completely out of the EU, then the aviation industry will be severely damaged, including the cancellation of thousands of flights. Air France strike European aviation will bring the same trauma. A strike earlier this month to force the 1,000 flights were canceled.

Terrorism also makes European tourists attractions prohibitive. In Paris last year's terrorist attacks led to a sharp decline in local tourism, the number of international tourist arrivals fell by nearly 9%.