Italy
ALITALIA = Always Late In The Air, Late In Arrival
ALITALIA = Arrived Late In Turin, And Luggage In Australia
Britain
BOAC = Better on a camel
Belgium
SABENA = Such A Bloody Experience Never Again
Pakistan
PIA = Please, Inform Allah
Yugoslavia
JAT = Joke About Time
United States
PWA = Pray While Aloft
TWA = Teeney Weeny Airlines.