>>20792759 lb

Icarus, the first predecessor airline to Olympic, was established in 1930. After just a few months Icarus went bankrupt due to financial problems and limited Greek interest in air transport. Ε.Ε.Ε.Σ. (Ελληνική Εταιρεία Εναέριων Συγκοινωνιών, Greek Company for Air Transport) took its place. At the same time, in 1935, a second airline was created, the privately owned T.A.E. (Τεχνικαί Αεροπορικαί Εκμεταλλεύσεις, Technical and Aeronautical Exploitations). Soon after World War II, in 1947, three airlines were based in Greece: T.A.E., ΕΛΛ.Α.Σ. (Ελληνικαί Αεροπορικαί Συγκοινωνίαι, Greek Air Transport) and Α.Μ.Ε. (Αεροπορικαί Μεταφοραί Ελλάδος, Hellenic Air Transport).

In 1951 the poor financial state of the three airlines led to a decision by the Greek state to merge them into a single operator, TAE Greek National Airlines (TAE). The new airline operated a fleet of twin-engine Douglas DC-3 airliners on domestic Greek routes until the last example was disposed of in May 1970.[8] A four-engine Douglas DC-4 was acquired in 1950 and this was operated on a route to London.[9] The new airline faced financial problems so the government closed it down in 1955.

There were no buyers for the airline so the Greek State bought the company back.In July 1956 the Greek State reached an agreement with Greek shipping magnate Aristotle Onassis for Onassis to purchase the airline.= The company flew under the T.A.E. name until the end of the year and for the first few months of 1957. On 6 April 1957 the company was renamed Olympic Airways (Ολυμπιακή Αεροπορία/Olympiaki Aeroporia).