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As a result, the flight veered off the runway during landing and struck a fence at Musan International Airport in Muan County, about 288 kilometres southwest of Seoul.
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The accident stands to become the worst passenger airline disaster in South Korea in decades, and takes place against the backdrop of a deepening political crisis in Seoul after the president provoked public outrage by briefly imposing martial law.
The fire agency said assumptions around the cause of accident include worsening weather and bird strikes. More than 700 people were sent to help search for survivors at the crash site, it said.
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Founded in 2005, Jeju Air operates 42 aircraft, according to its website. The company pledged to provide all necessary support to the victims and their families.
The death toll from the Jeju Air crash would be the highest in South Korea since at least 2002. An Air China plane crashed near Busan that year, killing 129 people, according to the Aviation Safety Network.