Only 48,000 people watched the event from the seafront pay-to-view enclosure - and this has left Eastbourne Borough Council with a huge financial nightmare.
Official financial figures have not yet been released, but using council cost and revenue forecasts from the Airbourne business plan, and adjusting revenue based on attendance,, the Herald believes the event will have left a hole in the council's budget well in excess of £200,000.
In the past, hundreds of thousands of people have flocked to the free event and hotels, restaurants and businesses say it has been a major boost to the local economy.
But the council this week admitted the decision to charge for the first time ever was disastrous with the low numbers of people paying to get in a disappointment.
A 'top-to-tail' inquiry has been ordered by Liberal Democrat council leader David Tutt, but there have also been calls for either him or cabinet member for tourism Councillor Steve Wallis to take the blame for the fiasco and resign.
During Airbourne there were heated scenes between council tourism officials and traders who had paid hundreds of pounds for their pitches within the fenced off enclosure between Eastbourne Pier and the Western Lawns, who said their takings were down because people were not coming through the admission gates.
Instead thousands of people watched the air displays from beaches, the promenade and other spots outside the enclosure. Eventually on Sunday afternoon, when all the flying displays had finished, the stewards threw the gates open and people were let in for free in a bid to appease the traders.
It was also confirmed this week that tourism officials had to reimburse some of the traders, many of whom have vowed not to return to Eastbourne again. Stewards brought in for the event also complained they were abused by members of the public who were unhappy at
being charged to get in to the enclosure.
Both the council and tourism chiefs had been hoping for good weather and bumper ticket sales to help pull off the controversial gamble of charging for the event in a bid to turn around the £65,000 loss the show made last year.
But the council had to pay out for a specialist contractor to manage the admission gates, £55,000 for suitable fencing and was also hit with a £100,000 bill from Sussex Police for policing the event.
Figures which the Herald has seen showed the council needed to raise £450,000 in ticket sales to hit a profit of £191,000 set when the council drew up its 2008/2009 budget.
But advance ticket sales were disappointing and only 13,261 buy-one-get-one-free tickets were snapped up, generating just £33,152.50 for Airbourne coffers - £8,000 less than the worst case scenario predicted by the council.
Among those who refused to pay the admission charge were members of the Internet campaign group I'm Not Paying to Stand on my own Seafront! who took advantage of a legal loophole and made their way on to the fenced off beaches at low tide.
The Royal Air Force, which uses the air show as a massive recruitment drive, was privately disappointed at the number of people who attended.
Officers from the RAF purchased a number of tickets and gave them out free of charge to a number of 17-25-year-olds around Eastbourne as a gesture of goodwill to get them into the show.
Hoteliers also purchased tickets to give out to their guests, who were unaware they would have to pay to get in to the event which in previous years had been free.
Both David Tutt and Steve Wallis were unavailable for comment on the issue this week.