Abstract
Airports have experienced an increasing volatility in air traffic due to more competitive air transport markets and external shock events. This volatility is illustrated for a number of individual airports. The unique impact of the COVID-19 pandemic on air travel is analyzed in terms of deep uncertainty, Taleb's Black and White Swans and Wucker's Gray Rhino. Various management tools intend to integrate the uncertainty of disruptive shock events in strategic airport planning. Specific attention is paid to aviation-related scenario development by scanning the shaping drivers of threats and opportunities in the business environment. Flexible airport master planning and diversification strategies contribute to strategic responsiveness and financial robustness of airports. The unique impact of COVID-19 on the airport business reveals the limits of this anticipatory responsiveness.
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