Taking into account the cyclical nature of the world economy development, the identification and analysis of crisis phenomena that arise in the world economic system acquires special importance. At the same time, taking into account that air transport is one of the drivers of social and economic growth, it is necessary to determine the interrelationships and factors of the impact of crises on various aspects of the world air transportation market functioning. The analysis of modern risks and threats is a step towards understanding and developing strategies aimed at maintaining a high level of safety and stability of the air transport sector in conditions of constant change. The purpose of the article is to study the impact of global economic crises on the air transport sector, to identify and substantiate modern risks and threats to the functioning of the global air transport market. The interdependence of the development of the world economy and the air transport system is explored in the article; it was established that the biggest crisis shocks in world aviation are cyclical in nature. The largest economic crises and their consequences for the air transport sector are analyzed. Current key risks and threats to the global air transport market are substantiated: the return of the coronavirus or its mutation, geopolitical instability, reformatting of supply chains, a slowdown in demand for air travel as a result of the global recession, a change in society's eco-consciousness, and others. Scientific theories of economic cycles and crises form the methodological basis of the research; both general scientific and special methods of scientific knowledge were used – historical-logical, descriptive-analytical, analysis and synthesis, methods of quantitative and qualitative comparisons. The informational basis of the article is monographic studies and periodical publications of domestic and foreign economists, analytical reports of international organizations, international consulting companies and analytical centers. Research results can be used for scientific justification and further creation of proper conditions for effective management of the global air transport system, while developing new strategies that will allow the aviation sector to remain stable and competitive in conditions of uncertainty and growing threats.