Air Europe was an Italian airline based at Milan Malpensa Airport, Italy.

It started as part of the Airlines of Europe Group based in the United Kingdom, but became wholly Italian owned in 1991.

Alitalia's offer for 38 million euros was the winning bid, but Air One tried to block the sale for various reasons by going to court — this happened five times and, in fact, so many obstacles were placed in front of Alitalia's acquisition of the group (including Alitalia's financial difficulties), that the affair was considered like a soap-opera by the Italians.

Finally, in May 2006, the former Volare Group employees were transferred to Volare S.p.A. and Air Europe S.p.A. By 1 January 2008, the airline (Air Europe) was considered an integral part of the Alitalia Group.

As a part of the re-branding, CAI decided that it was going to close Air Europe as there was no longer a need for it.