The AirFAIR Act seeks to protect consumers from price gouging on airfares during times of crisis. It amends existing law to classify an excessive increase in air ticket prices during a declared disaster or emergency as an unfair or deceptive practice for ticket agents, air carriers, and foreign air carriers. The legislation mandates the Secretary of Transportation to establish regulations defining what constitutes an excessive price increase, specifically stating that an increase of 30 percent or more will be considered excessive. This aims to provide clear standards for the aviation industry. Furthermore, the bill requires the Administrator of the Federal Aviation Administration (FAA) to conduct a comprehensive study on unfair ticket pricing practices by air carriers and agents during disasters or emergencies. The FAA must then submit a report on its findings to Congress within one year of the Act's enactment, informing future policy decisions regarding airfare fairness.