The US and EU have now officially signed an open skies agreement that will lower transatlantic fares and make it more convenient for American vacationers to fly.

Federal negotiators and their European counterparts ended years of deliberation by finalizing the deal yesterday (Monday, April 30th). The pact will allow every US airline to fly to any city in any of the 27 member states of the EU.

In return, European carriers will be able to reach any city in the States. Restrictions on routing, flight volumes and aircraft will also be waived.

With increased competition to fly on the most lucrative routes, transatlantic travel will not only become more convenient, but will also become cheaper, according to US transport secretary Mary Peters.

“With this agreement, the honeymoon in Paris, the business trip to Dublin and the family reunion in Naples will be cheaper, easier and within the reach of more Americans than ever before,” she said.

“Also better access to American destinations means European visitors will bring new business to our local communities.”

Despite a pledge by aviation authorities on both sides of the Atlantic to cooperate and reach the highest standards in safety and security, travel insurance is an essential necessity when heading overseas.