Icelandair Group is estimating that a threatened strike by pilots could cost the company $13-15 million.
The company is basing the figure on the assumption that a series of stoppages outlined by pilots' union FIA would be carried out in full.
"That includes lost income when the saved cost of cancelled flights has been withdrawn, in addition to the direct estimated cost of assistance to passengers," adds Icelandair Group.
But it has not counted any possible losses from an overtime ban by the pilots or losses arising from fewer bookings on operated services.
Icelandair pilots have threatened to take industrial action during May and June if a new collective agreement is not signed.