Seoul: Investments by South Korean airlines and airport operators in safety measures increased by 5.7 percent in 2024 compared to the previous year, despite a notable decline by leading budget carrier Jeju Air Co., as reported by the transport ministry on Friday. The total investment by two airport operators and 16 air carriers in safety measures reached 6.17 trillion won (US$4.45 billion) last year, up from 5.84 trillion won in 2023.
According to Yonhap News Agency, the Ministry of Land, Infrastructure and Transport projects that the safety investment figure will rise to 10.2 trillion won this year and 10.65 trillion won in 2026. The country's two full-service carriers, Korean Air Co. and Asiana Airlines Inc., accounted for a significant 75 percent, or 4.63 trillion won, of the total investment last year.
For nine low-cost carriers, investments increased by 2.2 percent to 1.24 trillion won. However, Jeju Air and Air Busan Co. were the only budget carriers that reported reduced spending on safety measures. Jeju Air's investment dropped 36.5 percent to 313.5 billion won, while Air Busan's spending declined by 23.3 percent to 175.9 billion won.
Jeju Air's decreased investment comes in the wake of a fatal crash in December when a B737-800 arriving from Bangkok struck the outer wall of Muan International Airport during a belly landing, resulting in the loss of 179 of the 181 people on board. Of the carriers' overall safety investment, 61.4 percent, or 3.61 trillion won, was allocated for aircraft maintenance and repairs.
The Korea Airports Corp. and Incheon International Airport Corp. jointly spent 290.3 billion won on safety last year, marking a 12.3 percent increase from the previous year. The ministry indicated plans to recommend that airlines acquire newer aircraft and enforce stricter safety protocols for pilots, flight attendants, and flight control systems.