Widespread air service disruptions caused by Icelandic volcano ash are costing airlines hundreds of millions of dollars per day in lost revenue, IATA says.
The association's "initial and conservative" estimate of the financial impact is in excess of $200 million per day, but that figure does not take into account other factors.
Airlines will incur additional costs "for re-routing of aircraft, care for stranded passengers and stranded aircraft at various ports", notes IATA in a statement.
Airlines were forced to cancel hundreds more services today as the Icelandic volcanic ash cloud affected airspace in about a dozen European countries.
IATA says it has set up its crisis centre in Montreal and is closely coordinating with Eurocontrol and European air navigation service providers.