Senators approved a bill to remove the rule only allowing landing fee breaks for new air routes.

Junior Transport Minister Marc Bean said it would allow concessions for all airlines a necessary measure given the pressure the industry was under with 30 airlines going out of business this year a figure which could double next year.

Sen. Bean said 60 million plane seats had been eliminated from published airline schedules worldwide by the fourth quarter this year.

He said an airline sending a daily plane with around 150 passengers could make a saving of $22,000 per year under the concession while British Airways could save around $800,000 if it was applied to them.

Opposition Senate leader Michael Dunkley welcomed the measures but said with falling oil prices now was the time to lure airlines to put on more routes in the spring which at the moment was shaping up to be one of the roughest on record.

He said: "Because prices of oil are dropping significantly there is a ray of hope.

"If we use our initiative and ingenuity we can stimulate some deals to get flights to come to the Island."

Sen. Bean said he agreed the airlines would find some relief in falling oil prices but he cautioned it would take time to work through.

"We expect to see some savings passed on in the second and third quarter."

But he said he was working diligently with the Bermuda Hotel Association and the Bermuda Alliance for Tourism to attract as many airlines as possible.

Senators also approved Government's purchase of Butterfield Corner for $400,000. The land on the corner of Court and Dundonald Streets was bought from Butterfield Bank at a cut price and is set to be one of the cornerstones of the North East Hamilton economic empowerment initiative.