European airlines will have financial loss greater than US over ash cloud flight cancellations. In what is being called the worst airline disruption of flights since World War II, the Icelandic volcano crisis has not only caused problems for hundreds of thousands travelers, it may also put a few European airlines into bankruptcy. And no one knows for certain when or if the Iceland volcano will erupt again.
Wednesday, the International Air Transport Association (IATA) said that over 100,000 flights were cancelled over the last week and the cost to airlines is estimated at $1.7 billion. Approximately $400 million per day was lost Saturday-Monday during the period when the most flights were scheduled.
Michael Boyd, an aviation analyst put the United States airline loss estimate at $100 million over the past week, while the loss to European airlines will be devastating.
Last Wednesday, the Iceland volcanic eruption created a massive ash cloud that has hung over Europe for the past six days. The volcano occurred below the glacial ice in Iceland and the cold water chilled the lava very quickly and created small pieces of glass that were carried up into the ash cloud. It is dangerous for airplanes to fly in these conditions, so tens of thousands of flights in and out of Europe were cancelled over the last week.
To see incredible photos of the massive Iceland ash cloud, click here.
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Sources: Washington Post and the Associated Press
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