The recent air traffic disruption has caused an massive loss for the global aviation industry. It has been estimated that due to the recent air crisis in the European airspace, the aviation companies have lost around $1.7 billion. These dreadful six days have been the most disappointing for the international airlines.

The International Air Transport Association (IATA) has estimated that the Icelandic volcano crisis cost airlines over $1.7 billion.

After the initial eruption they have lost huge revenue and it has affected impacting 1.2 million passengers per day which was around 29% of global aviation.

Giovanni Bisignani, Chief of the International Air Transport Association, has informed that the industry have lost $9.4 billion in the previous financial year. He has also estimated that there may be further loss in this financial year.

It may go up to $2.8 billion in 2010 as per Bisignani. The IATA chief has also said that the US air service was affected for three days due to the 9/11 crisis. But the current volcano crisis is devastating.