European aviation groans over volcanic ashes

The giant plume of volcanic ash that forced the unprecedented closure of many airports across Europe will likely inflict huge losses to the global aviation sector. It's unfortunate timing because the industry was just beginning to show signs of recovery from the global financial crisis.

The Center for Asia Pacific Aviation says the chaos could cost the global airline industry 300 million US dollars everyday. The disruption is apparently worse than right after the 9/11 attacks. If the Icelandic volcano continues to cause havoc with airline schedules, many carriers could lose 10 million to 20 million US dollars in annual income. The losses may be even worse for those airlines which operate routes across the Atlantic.