New York (CNN/Money) - If you're wary of venturing too far from home right now, you certainly aren't alone.

"I was scheduled to go to Paris next week and I was really sweating it until yesterday when the conference was canceled," said Kevin Mitchell, who is chairman of the Business Travel Coalition and a very frequent flier. "Yes, I'm in the business and I understand that the statistics are in your favor when you fly, but I'm just like everybody else -- I don't make decisions based on statistics."

Speaking of statistics, the majority of people surveyed by Roper ASW in early March said they would change their travel plans in the event of a military conflict in Iraq or elsewhere in the world.

Although only 27 percent of those surveyed would cancel their vacation altogether, 55 percent said they would change an international trip to a domestic trip, 33 percent would postpone the trip and 28 percent would change their destination within the United States.

"We're seeing an increase in what we call 'local area nesting,' where people use their home as the nucleus and visit places locally," said Cary Silvers, vice president of Roper ASW.

At Virtuoso, a network of travel agents who cater to the affluent, bookings for the year were actually up as of the end of February. "But I have heard anecdotally that after Bush's speech on Monday bookings completely stopped," said Kristie Jones, Virtuoso's president.

They may not be rushing out to make travel plans this week, but clients of Virtuoso haven't completely put travel out of their minds. Bookings for 2004 are strong, according to Jones, particularly for cruises. And while interest in Europe and the Mediterranean is weak, well-heeled travelers are eager to visit places in South America, Iceland and the Antarctic.

Even if you're determined to keep your travel plans, they may still be derailed. The airlines, which have been in dire straights for 18 months, are already bracing for weak demand and higher fuel prices. Many have said they are cutting flights from their schedules or plan to do so in the event of war. (see "War to batter struggling airlines")

"Everything is going to happen pretty quickly for the airlines," said Mitchell "We could be looking at a stampede to Chapter 11 in the next couple of weeks and possibly a total collapse of the entire industry."

In papers filed in bankruptcy court on Monday, United Airlines admitted publicly for the first time that going out of business altogether was a "distinct possibility." The carrier also noted that the threat of war has dramatically reduced its business compared with a year ago, with international bookings down 50 percent and domestic bookings down 20 percent.

"Demand is falling further and faster than we ever thought it could," said Mitchell, noting that travel shrank by 20 percent when the country was under "orange" alert in February.

In response to Americans' lack of enthusiasm for traveling, the airlines have said that they will be waiving the typical $100 fee for rescheduling. On Wednesday, American, Delta and US Airways updated these policies and actually improved them.

The details of these war-related cancellations policies vary from one airline to the next. In general, passengers can postpone flights as long as they do so before their original travel date and within a certain time after the conflict begins. (Read more on each airline's policy.)

But in most cases the full value of your ticket will be applied to the price of a new ticket. If the price of your new ticket is higher, you'll have to pay the difference.

These relaxed cancellation policies help, but they are by no means a cure-all.

Now more than ever, it's important to think through your travel plans and stay on top of new developments while on the road. In the past, calling to check on the status of your flight was a good idea. In this environment, it's a must. (Read about recent cancellations on CNN.com)

"You need to ask yourself whether it is prudent to be traveling in the next couple of weeks and, if you do go, have a contingency plan for being stuck," said Mitchell.

Virtuoso's Jones says travelers might also consider trip cancellation insurance, particularly if they are paying for a cruise upfront, hiring an outfitter or working with any other kind of tour operator. While most policies will cover the cost of your trip if you cannot go for reasons beyond your control, very few will reimburse you if you simply have a change of heart.