Aer Lingus details cost of volcanic grounding

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Irish flag-carrier Aer Lingus estimates that the total cost of the European volcanic ash crisis on its operations amounts to €15-20 million ($20-27 million) over the first five days.

The airline adds that the current rate of losses is around €4-5 million daily as a result of lost revenue and costs of disruption to passengers.

Aer Lingus depends heavily on intra-European flights and most of its fleet has been grounded since the Icelandic eruption began affecting traffic on 15 April.

But the airline insists: "The group has substantial cash reserves and can withstand a sustained closure of airspace."