A report out of Europe has revealed a newly uncovered terror plot to blow up five commercial airliners.

In response, British airports have considered banning carry-on handheld luggage and electronic devices, which could be used as detonators. 

More details from London's Sunday Express:

The warning comes as Whitehall officials admit that a terror strike on the UK is now "almost inevitable" particularly with British jihadis returning from fighting alongside the Islamic State in Iraq and Syria.

An airport security source told the Sunday Express: "We've been told that five planes are being targeted in a high profile hit before Christmas. They've been waiting for the big one.

"We have many scares but this one nearly got hand baggage pulled from all airlines. The threat is still alive and real."

The plot, which has been known about for the past two months, is thought to involve Islamists smuggling bombs on to planes bound for major European destinations before Christmas.

The well-placed security insider said talks had been held about how to deal with it, with suggestions made to ban hand luggage.

The source said: "High level negotiations are continuing at Governmental level but at the moment there has been little done to respond.

"There is paralysis because of the difficulty of banning hand luggage which is one of the strongest weapons we have against the new threats.

"All electronics may be banned from hand luggage and placed in the hold, that has been considered, and there has been behaviour analysis training at airports but while it's effective, it's difficult to roll out quickly and is not a sufficient safety net.

"The threat is aimed at Europe. The U.S has improved their security over the summer but we have not.

"Everyone is expecting something catastrophic very soon".

Walid Phares reacted on "Fox and Friends" this morning, saying that he sees this as al Qaeda trying to compete with ISIS in the "terror market." He recalled that al Qaeda has plotted to blow up airliners in the past. 

"When a Western government uses the word 'inevitable' it means that they have a lot of information. That's why I said it's the tip of the iceberg. This is what they want the public to understand, to seek the help of the public and also try to deter those who are trying," said Phares, adding that al Qaeda could make multiple attempts to try to pull off a high-profile attack overseas. 

Phares said the security structure in Europe presents problems because all 27 countries in the EU all have to be on the same page to stop attacks and sometimes there are communication breakdowns. 

Watch his analysis above.