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Industry News
Aviation Industry NewsAviation industry flies into more turbulenceThe aviation industry faced a “double whammy” of disruptions this year, following the recent volcanic ash fiasco and after snow-related cancellations early in the year, analysts said.The airlines and other travel industry segments now face a huge bill from the six-day closure of European airspace in April, adding to the growing pressure in the sector.Six days after the first volcanic eruption in April, International Air Transport Association (IATA) has estimated that the natural disaster cost airlines more than US$1.7bil in lost revenue. The association said the volcanic ash had cost airlines at least US$200mil a day in lost revenue and that the European economy suffered lost busines worth billions of dollars.IATA estimated that the crisis impacted 29% of global aviation and affected 1.2 million passengers a day.The scale of the disaster eclipsed the Sept 11 attacks when US airspace was closed for three days, it added.“For an industry that lost US$9.4bil last year and was precast to lose a further US$2.8mil in 2010, this crisis is devastating. It is hitting hardest with the carriers in the most difficult financial situation.
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