What is meant by financial flexibility? (airline industry)

I recently read in a financial magazine an article that indicated that the airline industry has poor financial flexibility.

What is meant by financial flexibility?
Why financial flexibility is important for the airline industry?
How can the airline industry as a whole to improve their financial flexibility?
What would be the simplest way to improve financial flexibility and would have the biggest impact?

What is the importance of financial flexibility in other industries?

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