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The study aims to investigate the economic effects on multi-tier supply chain partners and broader business entities, specifically examining the aviation supply chain and ecosystem during crises. The study centres around two Boeing 737 Max aviation crashes, utilising a short-term event study methodology to empirically estimate stock market reactions associated with these aviation disasters. Interestingly, the results reveal significant reactions from supply chain partners and other business entities to the Lion Air disaster, alongside Boeing and Airbus. However, the Ethiopian Airlines crash had significantly more pronounced negative impacts on Boeing's supply chain and the overall aviation ecosystem compared to the Lion Air incident. By documenting the financial outcomes of these crises, the research aims to motivate aviation regulators and industry groups with the necessary resources and capabilities to be more sensitive to risks.