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Good news for all rich vacationers: You no longer have to pay a million bucks for the privilege to be one of the only civilians to fly in outer space-just somewhere between $200,000 and $300,000.

The space tourism industry heats up with the announcement of a new space jet by EADS Astrium. This is the second company after Virgin Galactic, which has taken the "airplane to rocket" approach. The four-passenger jet looks like a normal aircraft but it is in actual a space jet fitted with rocket engines. Europe's EADS Astrium is developing a space jet to take off in 2012 that's one of a new generation of "airplane-to rocket" vehicles, according to BornRich: It looks like a conventional aircraft but is powered by rocket engines. The "Astrium Space Jet" can even take off from regular airports, though we somehow doubt that it will go through the usual taxiing procedures, as it reportedly can reach a 60-kilometer altitude in 80 seconds.

"The passengers' comfort and safety is taken care of by the extremely innovative seats that lessen the effects of acceleration and deceleration," BornRich says. That's comforting to know, but the real question is whether they'll serve honey-roasted peanuts. And how much do you tip the baggage handler to make sure your luggage doesn't end up in Florida?

How fast this will pick up speed is anyone's guess - some people suggest two decades, others suggest a matter of years. Yet most agree that the pace is likely to be faster in the hands of private industry than in the hands of government - partly because entrepreneurs can be more daring in the early stages.

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