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Airlines lose $1.7 bln in revenues over Icelandic volcano eruption

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Recent flight disruptions caused by the Icelandic volcano eruption have cost airlines more than $1.7 billion in lost revenues through Tuesday, the International Air Transport Association (IATA) said.

Recent flight disruptions caused by the Icelandic volcano eruption have cost airlines more than $1.7 billion in lost revenues through Tuesday, the International Air Transport Association (IATA) said.

"Lost revenues now total more than $1.7 billion for airlines alone," IATA's Director General and CEO Giovanni Bisignani said, adding that the disruptions affected 29% of global aviation and 1.2 million passengers a day

The eruption on the Eyjafjallajokull Glacier in Iceland, which began on April 14, disabled air traffic across Europe, leaving thousands of travelers stranded and forcing more than 20 European countries to close their airspace.

The effects of the Icelandic volcano eruption are more damaging for the air industry than the 9/11 terrorist attacks in 2001 when the U.S. airspace was closed for three days, Bisignani said.

During the three most serious days of disruptions (April 17-19,) lost revenues reached $400 million per day, he said.

"For an industry that lost $9.4 billion last year and was forecast to lose a further $2.8 billion in 2010, this was a devastating crisis," Bisignani said.

Flights resumed across Europe on Wednesday. Air traffic control agency Eurocontrol said at least 15,000 of the continent's 28,000 flights were expected to take off, but airlines say it will take weeks to transport all the stranded passengers.

PARIS, April 21 (RIA Novosti) 

 

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