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IATA: Airline industry will take three years to heal

altApril 22- A top official with the International Air Transport Association (IATA) said it will probably take at least three years for the global airline industry to recover from disruption caused by volcanic eruptions in southern Iceland, which started on April 14th.  IATA estimates that the crisis, which has grounded much of the airline industry, will cost airlines over $1.7 billion (Dh 6.24 billion) by the sixth day following the initial eruption (Tuesday).  Dubai based Emirates Airline’s lost revenue during this six day period reached $66 million said the airline’s president, Tim Clark. 

Lost revenues for airlines around the world reached $400 million per day during the three day period (April 17-April 19) when disruptions were at their greatest.  Giovanni Bisignani said “Lost revenues now total more than $1.7 billion for airlines alone. At the worst the crisis impacted 29 percent of global aviation and affected 1.2 million passengers a day.   The scale of the crisis eclipsed 9/11 when US airspace was closed for three days.”  Mr. Bisignani is IATA Director-General and CEO.
 

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