PricewaterhouseCoopers partner and airline industry leader Ben Paul said the decision would have “profound implications” for the industry, “with issues ranging from access to the single aviation market to sector financing and infrastructure investment”.

He added not only will the UK need to renegotiate air service agreements with the EU but also countries like the US, Canada, Brazil and Morocco.

EasyJet chief executive Carolyn McCall urged the UK and EU governments to work fast to ensure the UK remains part of the single EU aviation market.

She added: “We remain confident in the strength of easyJet’s business model and our ability to continue to deliver our successful strategy and our leading returns.”

Flybe chief executive Saad Hammad added: “Flybe’s long term mission is … unaffected by the referendum vote.”

However, bmi regional chief executive Peter Simpson said the vote had created uncertainty across the whole of Europe, which added further “complexity” to the business.

He added: “It is, however, safe to say, that our continued business domicile as a UK entity is less than clear at this point in time.”

British Airways owner IAG said although the decision will not have a “long term material impact” on the airline ongoing uncertainty will mean the airline will not record an absolute operating profit similar to 2015.

However, Ryanair chief executive Michael Leary warned a seat sale launched by the airline in anticipation of a Remain vote could be the last one in a while.

“If the Leave side do win, then these will be the last low fares the UK will enjoy for a very long time,” he added.