When I told Josh Moss that I was going to write about travel deals this week, Portfolio.com's Fearless Leader was quick to chip in with a happy tale of his own.

"I noticed a big change last week," he emailed me over the weekend. "On Monday, I priced tickets to go to Charlotte [from New York] this week. They were $134 each way. On Tuesday, they were $46 each way." The total cost of Moss' ticket on US Airways, purchased seven days before he flew and without a Saturday-night stay: $117.90 ($91.16 for the actual airfare and $26.74 for taxes and fees, which never get a discount).

Welcome to the wonderful world of January travel deals, when airlines and hotels bow to the inevitable and slash prices in hopes of creating a little discretionary business.

The first quarter is historically the slowest for travel, but 2010 comes with its own unique challenges. The economy stinks and out-of-work people—not to mention folks who think they might soon be unemployed—tend not to splurge for a holiday. Businesses fretting about the state of the economy keep frequent travelers chained to their desks. Renewed fears of terrorism aimed at travelers won't help either.

Here's a look at some of the top bargains right now. I hesitate to say these will be the best deals of the year—the travel industry is nothing if not reliably unpredictable—but prices probably can't get too much better.

Up Front Across the Pond

At least two airlines have launched summer business-class sales this month, a clear sign that the airline industry is unsure about future demand, especially in their profitable premium cabins. SAS, the Scandinavian carrier, has slashed July and August fares to traditionally pricey Nordic destinations. Prices start as low $1,778 round-trip from Newark to Copenhagen or Stockholm. From the West Coast, the business-class fare is also attractive: $2,578 roundtrip to Copenhagen or Stockholm from Los Angeles, San Francisco, or Seattle. Meanwhile, United Airlines has lots of summer deals from its hubs at Chicago's O'Hare and Washington's Dulles airports. It has a $2,450 roundtrip in business class to Paris, and even cheaper fares to other destinations. These prices represent savings in the 70 percent range compared with standard, walk-up business-class fares.

Can't wait until summer? By the end of the week, Aer Lingus will be selling a unique product using its home base in Dublin. Buy a business-class seat on the airline's flights to Ireland from New York's Kennedy Airport, Boston, or Chicago, and you'll also get a free coach round-trip ticket to 20 cities in England, Scotland, or continental Europe. Prices start at $1,878 round-trip, and you can travel anytime before the end of August—so long as you purchase your tickets by January 29.

Pacific Overtures Under Retail Price

Whenever the cost of transpacific travel drops below four digits in coach, you know there are bargains to be had. Cathay Pacific's so-called Deal of the Month pegs San Francisco-Hong Kong or Los Angeles-Hong Kong fares as low as $818 round-trip for travel until May. If you're willing to change planes in Hong Kong, Cathay will also fly to you Bangkok, Manila, or Singapore for less than $1,000 roundtrip.

Low fares have even reached Australia, once home a cozy duopoly between Australia's Qantas and United Airlines. But now with both Delta Air Lines and a local startup called V Australia plying the U.S.-Australia routes, Qantas has become extremely aggressive on fares. The carrier's business-class prices once hovered around $20,000 round-trip, but seats now can be as low as $4,500 round-trip from the West Coast and about $5,000 from New York. The advance-purchase restriction of 50 days is stiff, however. If you're willing to fly the long hauls in coach, Qantas' less-restrictive Walkabout promotion offers some seats at around $800 roundtrip from Los Angeles or San Francisco.