Finnair announces major restructuring; reducing fleet

Finnair’s strategy has long been based on connecting Europe and Asia via the short northern route, using Russian air space. Following Russia’s invasion of Ukraine and the subsequent closure of Russian air space, flight times to Finnair’s Asian destinations are now considerably longer, weakening the profitability of the company. Finnair has launched a new strategy that aims to return the company to profitability regardless of closed Russian air space. As Finnair is now faced with a different competitive situation and the weight of the different markets in Finnair’s business is changing, significant structural renewal is required to be competitive. “The