Icelandair is facing a series of strikes by cockpit crew which are set to begin on 9 May and escalate if a new collective agreement is not signed.
The airline says the pilots' association FIA has banned all overtime from this date.
It adds that the strike run is due to start with three 12h stoppages on 9, 16 and 20 May. This will be intensified with a 48h strike from 23 May and a 96h stoppage from 30 May.
Icelandair Group says its flight schedule will be "distorted" if the two sides fail to sign a new collective agreement. "The possible financial effects of the overtime ban and the strike on Icelandair Group are uncertain at this time," it adds.