The Cost of Europe's Volcanic Ash Travel Crisis

After five days of empty airports and silent skies, European Union transport ministers held an emergency meeting (via video conference) on Monday, announcing that they would ease travel restrictions starting the morning of April 20. The initial cloud of volcanic ash that had brought Europe's airlines to a standstill seems finally to be dissipating — and now its financial impact is becoming clearer. TUI Travel, Europe's biggest tour operator, said in a statement that fallout from Iceland's Eyjafjallajokull volcano has so far cost the firm $30 million. With around 100,000 of its customers still marooned overseas, the company added, that bill is rising by $9 million a day. European airports, many deserted since dust spewed out by the volcano turned the region into a no-fly zone last week, are down $183 million as a result of the eruption, industry group ACI Europe said Sunday. The world's airlines, meanwhile, are together estimated to have lost more than that each day.

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