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Volcanic eruption costs airlines £1.7bn
21 April 2010
Icelandic volcano, Eyjafjallajokull, has caused several days of disruption for airlines in Europe. The financial loss is serious for European carriers but less damaging to US carriers.
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International Air Transport Association
Iata
Icelandic volcano crisis
Giovanni Bisignani
European Low-Fares Airline Association
Regulation 261/2004
The International Air Transport Association (IATA) estimates that the Icelandic volcano crisis has cost airlines more than $1.7 billion in lost revenue through Tuesday, impacting 29% of global aviation and affecting 1.2 million passengers a day. For the three-day period (April 17-19), when disruptions were greatest, lost revenues reached $400 million per day.
“The scale of the crisis eclipsed 9/11 [terrorist attacks on the US], when US airspace was closed for three days,” says Giovanni Bisignani, Iata’s CEO.
Iata has criticised European governments for their response to the eruption of Icelandic volcano that led to interruptions to airline service in Europe for almost six days.
“We are far enough into this crisis to express our dissatisfaction on how governments have managed it—with no risk assessment, no consultation, no...
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