Question:
Luftwaffe Alarm, Axis OB – Exactly how does this work?

Answer:
It works per Rule 26B, with the number of air units and air replacement points as listed on the Invasion Reaction lines of the Greater Germany Strategic Air OB. The Luftwaffe alarm, however, does not count against the fivetimes-per-year limit for calling up the strategic air assets. 

Source:
TEM 43/44