Aviation History
Hungary's flag carrier lineage began in 1946 as Maszovlet, a joint Hungarian-Soviet airline, becoming fully Hungarian-owned and renamed Malév in 1954. Malév operated through the communist era and post-1989 transition before collapsing in February 2012 after the European Commission ruled that Hungarian state aid extended to the airline was illegal, leaving Hungary without a flag carrier. Budapest's main airport (renamed Budapest Ferenc Liszt International Airport in 2011) has since developed as a major base for Wizz Air, the low-cost carrier founded in Hungary in 2003.
A joint Hungarian-Soviet air transport company, Maszovlet, was established, laying the groundwork for Hungary's national airline.
Soviet shares in the airline transferred to Hungary, and the carrier was reorganized as the fully Hungarian state-owned Malév Hungarian Airlines.
The end of communist rule opened Malév to Western aircraft types and route expansion as Hungary integrated into European aviation markets.
Low-cost carrier Wizz Air was founded in Hungary, beginning operations the following year and eventually growing into one of Europe's largest budget airlines.
Budapest's main airport was renamed in honor of composer Franz (Ferenc) Liszt.
Malév shut down abruptly on 3 February 2012 after the European Commission ruled Hungarian state aid to the airline had been illegal and had to be repaid, leaving Hungary without a national flag carrier.
Malév Hungarian Airlines (defunct 2012) · Wizz Air
Wikipedia, Malév corporate history, European Commission rulings