I think the biggest concern here for the airlines is the impact this decision is going to have on Global companies whose European HQ is located in UK, especially the finance industry.

Yields in the premium cabin will drop if the exit, from a regulatory standpoint, ultimately requires the finance industry to restructure and relocate a significant portion of their European operations then yields will be impacted on key finance routes (LHR-JFK, LHR-ORD, LHR-HKG, etc.).

Some US investment banks have already stated potentially as much as 25% of London based employees will be displaced as they shift operations under an EU based entity to maintain steamless access to the significantly larger EU market while the downsized London offices will continue to serve the UK market.

This all will depend on how well Britain negotiates their exit - if they move forward - and how Europe establishes UK's role in the European economy.

Also - with the British Sterling driving to the ground, so will revenues. BA will be hurting and have quite bit of impact on ATI-JV partners' revenue including AA.