'current situation on' is correct and can be used in written English.
It is usually used to indicate that you are discussing a particular topic that is currently happening or taking place. For example: "The current situation on the job market is more competitive than ever."
Hereby, the passenger recovery strategy mostly depends on the airline's network and its business plan, while losing passengers' goodwill with a consequence of their switching to another airline can also be dependent on the current situation on the particular market (i.e. if there is one or more competitor(s) operating the same route/city-pair).
In assessing withdrawal plans, American commanders say that the current situation on the ground is mixed.
"The current situation on Princes Street is not satisfactory for anybody.
Martin Foerder, project director for Bilfinger Berger said: "The current situation on Princes Street is not satisfactory for anybody.
"The current situation on the Korean Peninsula is complicated and sensitive," Foreign Ministry spokesman Geng Shuang said in a statement.
This course looks at the current situation on the Korean Peninsula and the interaction of the major players there through historical and diplomatic practitioners' perspectives.
Yesterday I wrote a piece about the current situation going on in St. Lucia post-Hurricane Tomas, specifically in the town of Soufriere.
For example, when management brings up Corporate Design Strategy, everyone understands that the focus is not on the current situation but on the goal.
So, our cost estimates for public health are projections based on an understanding of the current situation, grounded on scientific data and we make assumptions when necessary.
"It contributed to the current situation," but on its own was not to blame for the £1.5bn capital shortfall that the Bank of England has identified.
Another producer describes the current situation thus: "On budgets we are getting screwed down to the ground, we have certainly not seen benefits [from the advertising recovery]".
