US Airways and Air France-KLM have seen sharp falls in their share prices due to the economic slowdown.
Shares in US Airways fell 15.4% after it announced losses of $US865 million for the third quarter of the year.
Meanwhile, shares in Air France-KLM closed at their lowest level in over three years, down 12.3% at 11.87 euros.
It predicted zero growth for 2009 and 2010 and said traffic would fall.
Passenger numbers in Europe fell 2.5% last month - the steepest one-month drop in passenger numbers since October 2007.
Losses at US Airways included $US488m in a fuel hedging programme that was meant to protect it against higher oil prices by pre-paying for fuel at a set price.
In contrast, US Airways made a profit of $US177 million in the third quarter of 2007.
