THE International Air Transport Association (IATA) estimates that the crisis caused by the volcanic ash cloud above Europe cost airlines more than $1.7 billion (£1.1bn).
IATA Director General and Chief Executive Giovanni Bisignani said: “At the worst, the crisis impacted 29 per cent of global aviation and affected 1.2 million passengers a day.”
He claimed that the volcano crisis was causing causing more pain to the airline industry than September 11 attacks in 2001.
Bisignani also urged governments to examine ways to compensate airlines for lost revenues.
The US government provided $5bn to compensate airlines after the terror attacks, and the European Union also provided assistance to carriers.
City A.M. Reporter