Switzerland currently holds only 72 days of mandatory kerosene reserves, well below the legally required 90 days, according to figures released to the Swiss press. The Federal Office for National Economic Supply (OFAE) confirmed that the legal target is not met, though it insists that overall petroleum product supply remains guaranteed. This shortfall is not new: at the end of 2025, coverage was already at 2.2 months. The OFAE attributes the gap to temporary fluctuations between stock levels and actual consumption. However, this vulnerability comes at a time when the international kerosene supply chain is already severely disrupted by the conflict in the Middle East. The root cause of the deficit lies in the COVID-19 pandemic. During that period, kerosene demand collapsed, leading to reduced storage volumes. Swiss regulations require covering three months of consumption based on average sales over the past three years at Swiss airports (excluding Basel-Mulhouse). This creates a lag when traffic rebounds sharply. Since the pandemic, air traffic in Switzerland and Europe has rebounded strongly, even "exploded" in some leisure segments, without stocks being replenished at the same pace. The OFAE acknowledges that "large quantities are stored with delay," hampering the country's ability to quickly reach the 90-day threshold. In this context, any logistical or geopolitical disruption impacts the system faster. Switzerland's mandatory kerosene storage is managed by Carbura, an umbrella organization operating reserves on behalf of its members, including major oil importers (Shell, BP, Socar) and airlines such as Swiss, easyJet, and dozens of smaller companies. Carbura manages storage infrastructure and stock rotation, funded by an import tax of 0.15 centimes per liter of petroleum products, ultimately passed on to consumers. This mechanism is central to Swiss aviation's resilience—or vulnerability. The current crisis is primarily driven by the geopolitical shock of the US-led war against Iran, which has partially blocked the Strait of Ormuz. A large portion of refined products, including aviation fuel destined for Europe, Africa, and Asia, transits through this strategic maritime corridor. The International Energy Agency (IEA) estimates that if Europe cannot replace about half of its Middle Eastern imports, aviation fuel stocks could drop to 23 days of coverage by June, leading to "physical shortages" at some airports. ACI Europe warns that "a systemic shortage of aviation fuel will become a reality for the EU" if transit via Ormuz does not significantly resume within three weeks. For Switzerland, a major transit hub via Zurich, relying solely on mandatory stocks is no longer sufficient. Major airlines serving Switzerland are expressing confidence while acknowledging growing pressure. Swiss states that kerosene supply is assured at its Zurich hub, Geneva, and across its network, but it is closely monitoring the situation, especially in Asia. Lufthansa reports that its group's kerosene needs are covered about 80% for 2026 and 40% for 2027 through hedging strategies. EasyJet has secured about 70% of its summer kerosene needs and does not foresee structural flight cancellations due to fuel. However, these hedging levels smooth price impacts but do not eliminate the risk of localized physical disruptions. Some airlines have already adjusted long-haul schedules from Zurich: Edelweiss canceled several US rotations, and Beond reduced certain luxury routes from the Zurich platform.