The parabolic Airy line ensemble $\mathfrak A$ is a central limit object in the KPZ universality class and related areas. On any compact set $K = \{1, \dots, k\} \times [a, a + t]$, the law of the recentered ensemble $\mathfrak A - \mathfrak A(a)$ has a density $X_K$ with respect to the law of $k$ independent Brownian motions. We show that $$ X_K(f) = \exp \left(-\textsf{S}(f) + o(\textsf{S}(f))\right) $$ where $\textsf{S}$ is an explicit, tractable, non-negative function of $f$. We use this formula to show that $X_K$ is bounded above by a $K$-dependent constant, give a sharp estimate on the size of the set where $X_K < ε$ as $ε\to 0$, and prove a large deviation principle for $\mathfrak A$. We also give density estimates that take into account the relative positions of the Airy lines, and prove sharp two-point tail bounds that are stronger than those for Brownian motion. These estimates are a key input in the classification of geodesic networks in the directed landscape. The paper is essentially self-contained, requiring only tail bounds on the Airy point process and the Brownian Gibbs property as inputs.