The future of Doncaster Sheffield Airport (DSA) has been thrown into doubt after bosses said the business "may no longer be commercially viable".
DSA's owner, the Peel Group, said a combination of the impact of the coronavirus pandemic and a shortfall in passenger numbers had been exacerbated by the announcement in June that operator Wizz Air was quitting the airport. Tui is now the sole carrier.
Chairman Robert Hough said: "It is a critical time for aviation globally. Despite pandemic related travel restrictions slowly drawing to a close, we are still facing ongoing obstacles and dynamic long-term threats to the future of the aviation industry.
"The actions by Wizz to sacrifice its base at Doncaster to shore up its business opportunities at other bases in the South of England are a significant blow for the airport."
Since the Peel Group acquired the site in 1999 and converted it into an international commercial airport, which opened in 2005, it said it had invested significant amounts of money.
But it said, despite growth in passenger numbers, DSA had "never achieved the critical mass required to become profitable".
Along with the pandemic and "increasingly important environmental considerations" the company said it had concluded that "aviation activity may no longer be the use for the site which delivers the maximum economic and environmental benefit to the region".
It would now carry out a review on how best to "maximise and capitalise on future economic growth opportunities".
Mr Hough said: "Now is the right time to review how DSA can best create future growth opportunities for Doncaster and for South Yorkshire.
"The Peel Group remains committed to delivering economic growth, job opportunities and prosperity for Doncaster and the wider region."
The company said the airport would operate as normal while a review was carried out and passengers should plan for their journeys as normal.
Aiden Poulton