More to the point is the lack of available aircraft and trained pilots for the airborne operation. The combined losses to the transport fleet due to airborne operations 1940-41 were far more devastating than losses to the Fallschirmjager.

An airborne operation to take Malta, would have been a bloodbath at best and a total slaughter at worse. Given the performance of the invasion fleet at Crete I see no reason why the one to Malta would have fared any better.

Gibralter would have been a better strategic option but the same applies and in order to take it the Germans would have required Spanish backing.

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"The Americans will always do the right thing ... After they've exhausted all the alternatives."

Winston Churchill