The ash cloud continues to threatening European air travel

With air travel being grounded for the last five days throughout much of Europe, the airline industry is asking for a financial bailout. The losses are mounting, with the latest figures well past $1 billion.

Due airlines being shut down for business over the last week, many are worried that they will not be able to stay afloat financially. British Airways’ CEO Willie Walsh is comparing the urgency of help needed from to the Iceland volcano to the days following September 11, 2001.

This could not have come at a worse time for the airline industry, as many carriers were just starting to get back on their feet after years of financial problems due to a poor economy and high fuel prices.

Since the eruption of the Icelandic volcano, and subsequent ash cloud that followed, more than 95,000 flights have been canceled, leaving more than 8million people stranded in 23 different European countries and many other locations around the world.

Source: Wall Street Journal