Wide-body aircraft were fatal to WOW Air
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In an interview given to Financial Times, Skuli Mogensen, the founder of WOW Air, acknowledged that wide-body aircraft were fatal to the company.
Mogensen wanted WOW Air to unite 3 continents through the Icelandic hub. He made his way to the Airbus A330 aircraft and began flying to India.
WOW Air wide-body aircraft
When he took this step, the price of the barrel of oil was 50 dollars. Shortly, in 2018, the price of the barrel of oil rose to 80-90 dollars. He had to stop flights to India, and A330 aircraft began to accumulate heavy losses.
Morgensen said he was aware he needed to change the strategy immediately. It's just that everything happened way too fast. Due to wide-body aircraft, WOW Air's debt has increased greatly.
The A330 aircraft were assigned to the leasing operators, but already WOW Air was affected by the loss of cashflow and the process was hopeless. WOW Air went bankrupt on 28 March 2019.
Looking back, Skuli Mogensen acknowledged that the decision to take wide-body aircraft was fatal to WOW Air.