Eleven years. I rest my case :-)
But you're absolutely correct, of course, and the last one was so severe it almost crashed the entire financial system. Hopefully the next one won't be so severe. While not recession 'proof', the LCC business model has thrived in Europe over the last 25 years, I hope we do the same.
We really don't know how people will behave when the economy goes pear shaped; will business reduce travel or choose cheaper options; will families drive instead? I. would suggest that business travelers will still be sensitive to on time performance and rapid recovery from Irregular Ops..
Blue skies..
/PL