"In 2008, you had the feeling that some of the major players in Europe were under the impression that fuel hedging can somehow miraculously take the risk away from pricing and fuel prices," says Wolfgang Henle, vice president of controlling and risk management at Austrian Airlines. "Some companies, such as Air France, had to pay high for this misconception and if you overlook risk coupling, which I think they did, hedging can put you at more risk on what you had before, when you were not hedged