Air Malta has shut down operations after first launching in 1973.
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The closure of the Maltese carrier came after it failed to make a profit despite government aid.
European Union regulations require a company to be “commercially viable” within 10 years if receiving money from the government, which Air Malta failed to do.
It therefore closed down on March 30 – and has been replaced by KM Malta Airlines.
The website states: “KM Malta Airlines Ltd. is the new airline of the Maltese Islands and we will perform our first flight on the 31st of March 2024.
“We were established to protect and enhance the connectivity of the Maltese Islands to Europe and beyond, to support the Islands’ continued economic development and to grow into a successful and sustainable airline.
“We will adopt a key European destination approach, linking Malta with the main capital cities in Western Europe, with the primary European airport hubs, and connecting with partner airlines.”
The new airline is using the majority of the previous airline’s aircraft, including eight Airbus A320 aircraft.
The majority of the 400 staff are also from Air Malta.
Flight captain Denise Casolani had been flying with the Air Malta for 30 years, and was onboard the first KM Malta Airlines flight.
She told local media: “It was a sad day yesterday, that Air Malta closed its doors.
“But hopefully, this will be an airline that is just as good as the one we had and I’m very proud of it.”
More than 280 flights will be in operation a week, with around 17 airports across Europe.
Destinations include Madrid in Spain, as well as Amsterdam, Rome, Paris and Berlin.
This also includes operations from London Heathrow and London Gatwick in the UK, with daily flights.
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Tickets between the UK and Malta with the airline can be found for around £67 on the new website.
While economy passengers will only be able to take personal items onboard, priority can be bought for €15, which includes priority boarding and a 10kg cabin bag.
Malta has long been popular with Brits as a short-haul holiday destinations, having more than 300 days of sunshine a year.
Valetta, the capital city of the country, is a UNESCO heritage site as well as the smallest capital in the EU.
Malta is the largest island, with tourists also visiting the islands of Comino and Gozo.
Malta is just one hour ahead of the UK, and Brits can stay for up to 90 days without a visa.
There are a number of new airlines launching this year, including the Turkish Ajet, connecting the UK to Istanbul, and Lufthansa City Airlines, flying from Birmingham and Manchester to Munich.
And Global Airlines hopes to launch, with cheap transatlantic flights.