The European Aviation Safety Agency (EASA) is considering downgrading Israel's safety rating.
According to reports, the EASA sent the Israel Civil Aviation Authority an email warning that if Israeli flight safety does not improve, the European agency will blacklist Israel.
European and Israeli representatives will be meeting in four weeks on the issue.
If its safety rating is indeed lowered, Israeli airlines could be prohibited from landing in European airports, or even flying over Europe. This could deal a mortal blow to the profits of Israeli airlines.
The European move would follow the US Federal Aviation Administration's downgrading of Israel's air-safety system to "category 2" last December.