Police investigators look into the scene of a deadly Jeju Air plane crash at Muan International Airport in South Jeolla Province, Tuesday. Yonhap

The tragic crash of a passenger jet — operated by Jeju Air — is feared to spark a spree of air ticket cancellations for other low-cost carriers (LCCs) amid customers' growing distrust in the safety of budget carriers, industry officials said Tuesday.

Some 70,000 Jeju Air flight tickets were canceled a day after the accident on Sunday, apparently due to escalating woes over the safety of the Boeing 737-800 jetliner. Jeju Air relies on the model to operate most of its domestic and international flights.

The incident claimed 179 lives after the ill-fated aircraft crashed into a concrete wall on Sunday at Muan International Airport in South Jeolla Province. A landing gear malfunction triggered the fatal crash.

Of particular concern is not just Jeju Air but other LCCs — such as Jin Air and T'way Air — which might also sustain damages in the aftermath of the tragedy, as the overall corporate image of budget carriers has been seriously tarnished, aviation industry officials said.

"As most LCCs operate the same Boeing 737-800 jets, (there are) concerns over the customers' growing distrust of the model, which will result in an earnings fall to budget carriers here," an official from the aviation industry said.

For now, some 100 738-800 aircraft are operated by most LCCs here. Jeju Air tops the list with 39 737-800 jets, followed by 27 from T'way Air and 19 from Jin Air.

Jeju Air achieved robust earnings growth for the first three quarters combined this year, with its sales coming in at 1.42 trillion won ($964.8 million), up 16.1 percent from a year earlier. However, the airline's operating profit plunged by 24 percent during the same period, hit by the prolonged appreciation of the U.S. dollar and soaring fuel prices.

"Such external risk factors still come as a major stumbling block for LCCs to ensure their profitability, but the status quo may take a turn for the worse due to possible travel demand fall following the tragedy," the official said.

Bereaved family members of a Jeju Air plane crash victim look at the site of the accident at Muan International Airpot, South Jeolla Province, Tuesday. Yonhap

Shares of Jeju Air went on a losing streak on Tuesday after closing with an 8.65 percent drop a day earlier. Other LCCs, such as Jin Air and T'way Air, also failed to bounce back in stock value due to the prevalent pessimism on budget carriers.

The nation's travel agencies also fear sequential shocks from the deadly plane crash after the government declared a period of national mourning for a week until Sunday.

"Even after the end of the period, demand for travel or seasonal leisure activities marking the New Year is unlikely to achieve rapid rebound amid lingering safety concerns," an official from the travel industry said.

"Korea's aviation and travel industry will have to grapple with a double blow due to the ongoing political deadlock amid lack of a state control tower and the plane crash, at least until the first quarter of 2025," the official said.

These factors will also restrain foreigners' travel demand to Korea, which will also have a negative impact on the hotel industry nationwide, the official said.