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Volcanic ash cloud costs EU airline industry $3.3 billion

(Xinhua)
Updated: 2010-04-27 21:11
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BRUSSELS - The ash cloud resulting from a volcanic eruption has caused economic damage of up to €2.5 billion ($3.3 billion) to the European airline industry, the European Commission said on Tuesday.

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"We have taken all assessments and valuations of costs from all the different stakeholders and we are working with a number between €1.5 and 2.5 billion ($2 and 3.3 billion)," European Union (EU) transport commissioner Siim Kallas told reporters.

The EU has been hit last week by an unprecedented crisis with the closure of airspace due to the volcanic eruption in Iceland, leading to more than 100,000 canceled flights and more than 10 million passengers unable to travel. Flights have been gradually returning to normal since Wednesday.

In response to the crisis, the commission launched an assessment of the economic consequences of the volcanic ash cloud on the airline industry last week, whose results were released Tuesday.

EU transport ministers were scheduled to hold an emergency meeting on May 4 to discuss reform of Europe's fragmented air traffic system.
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