**A Mixed Picture of Recovery** The 36th annual ACI Europe Congress and General Assembly, held from June 22 to 24, 2026, in Prague, brought together over 500 airport executives, policymakers, and aviation experts. Hosted by Prague Airport, the event painted a sobering picture of the European airport industry. According to Olivier Jankovec, Director General of ACI Europe, only about 60% of European airports have regained or surpassed their 2019 passenger levels. The remaining 40%—particularly regional airports—still lag behind, while hubs and low-cost carriers perform well. In April 2026, passenger traffic even saw its first post-COVID decline: –0.7% compared to April 2025, driven by geopolitical tensions, strikes, and market maturity. **The 'Great Decoupling' and a Super Investment Cycle** The congress's central theme was the 'Great Decoupling'—the breakdown of the traditional model where more passengers automatically generate more revenue and investment. European airports now face structurally higher costs due to inflation, environmental regulations, and security demands, alongside intense competition. Jankovec warned that the sector is entering a 'super investment cycle' requiring €360 billion by 2045 to modernize infrastructure, digitize operations, and accelerate decarbonization. Without adjustments, the industry could lose between €45 and €75 billion in value over the next twenty years. **Diversifying Revenue and Defending Competitiveness** To adapt, airports must diversify non-aeronautical revenues and increase revenue per passenger. Stefan Schulte, re-elected as ACI Europe President and CEO of Fraport, called for a reorientation of EU aviation strategy. He cautioned that the Green Deal and other regulations are undermining competitiveness against global rivals. Olivier Jankovec also criticized the new Entry/Exit System (EES) at Schengen borders, which causes long queues and degrades the passenger experience, urging more flexibility and a clear priority on sector competitiveness. **Looking Ahead: Net Zero and Innovation** Despite economic headwinds, the Net Zero 2050 target remains a top priority. Nearly 289 airports participate in ACI's Airport Carbon Accreditation program. The congress also highlighted the use of artificial intelligence in operations and human resources management. A political roundtable with Magda Kopczyńska from the European Commission and Stefan Schulte stressed the need for a new European aviation strategy that balances environmental goals with economic viability.