Granted, some airlines that will suffer will be true victims of the potential war, but the others are suffering long before a war would start. War would act as the final nail in the coffin, but to blame the war for an airlines demise is rather shortsighted.
Pan Am and Eastern had the proverbial one foot in the grave prior to the Gulf War. Granted, the war did not help them, but without the war, the fates of those two once-proud carriers would have been the same.
Currently, it is reported that AA is losing $5 per day, and their recent cost-cutting measures have not had any major impact (according to an article I read.) If fewer people fly, revenue goes way down, fuel prices will increase, thus costs skyrocket, and AA is in trouble. But again, they are in trouble now.
In the event of war, the airlines will suffer, as will many other businesses, not to mention the human loss of life and families separated from loved ones. The toll will be terrible. But for the airlines, things were terrible long before 2003.