Consolidation may be thinning the ranks of Europe’smajor airlines, but the continent’s regional segment is still characterized by its size and diversity. At one end of the spectrum are small carriers such as Air Iceland, Baboo, DOT LT and Montenegro Airlines, each of which operates a fleet of fewer than 10 aircraft. At the other are airlines like Air Nostrum and Flybe deploying more than 60 aircraft apiece. Flybe is Europe’s largest regional in terms of passengers with ...

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