ADJUSTMENTS TO COMPENSATION FOR SIGNIFICANTLY INCREASED COSTS.

SEC. 426. ADJUSTMENTS TO COMPENSATION FOR SIGNIFICANTLY INCREASED COSTS. (a) [49 U.S.C. 41737 note] Emergency Across-the-Board Adjustment.—Subject to the availability of funds, the Secretary of Transportation may increase the rates of compensation payable to air carriers under subchapter II of chapter 417 of title 49, United States Code, to compensate such carriers for increased aviation fuel costs without regard to any agreement or requirement relating to the renegotiation of contracts or any notice requirement under section 41734 of such title. (b) Expedited Process for Adjustments to Individual Contracts.— (1) In general.—Section 41734(d) is amended by striking “continue to pay” and all that follows through “compensation sufficient—” and inserting “provide the carrier with compensation sufficient—”. (2) Effective date.—The amendment made by paragraph (1) shall apply to compensation to air carriers for air service provided after the 30th day following the date of enactment of this Act.