Lufthansa Airline’s CEO says that the closing of European aviation as a result of the Icelandic volcano cost it close to $265.1 million and that the danger of the eruption was exaggerated.

While speaking at the annual meeting of Deutsche Lufthansa AG, CEO Wolfgang Mayrhuber stated on Thursday that the probable cost to the Lufthansa group, counting a few smaller airlines, was expected so far to be nearly $265.1 million.

However, an exact figure was still being determined.

The CEO condemned the decision to cease flights without investigating the danger firsthand.

He stated that today “We know that the danger situation was entirely overrated and the consequences of this were severely underestimated.”

Source: msnbc