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Union wage negotiations are based on the assumption that cash flow is affected very little by the individual flyers' choices and decisions.
I believe your observation is at the center of the unions' wildly errant claim that 9/11 does not qualify as force majeure but is instead an economic event. In reality, when the public observed the very real danger that commercial aircraft could be turned into kamikaze guided cruise missiles, a great many travelers made the rational decision not to travel by air. The unions refuse to acknowlege this.