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EuroControl Reports That Half Of Tuesday's Flights Still Will Be Grounded, 95,000 Flights Cancelled So Far, $1 Billion In Losses
From EuroControl: "EUROCONTROL expects 14,000 flights to take place today in European
airspace, representing half of scheduled air traffic. On a normal
Tuesday, we would expect between 27,000 and 28,000. By the end of today, we expect that more than 95,000 flights in total will have been cancelled since Thursday 15 April"
Below is the most recent ash cloud map.
And according to research reports, European airlines have lost $1 billion in just the last five days.
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Im waiting for Katla to really put things into motion. This is just smoke and mirrors. Twill be a fun summer.
If there is a summer. :)
Whilst a major inconvenience for travel, it will have minimal economic impact other than the airlines. Most imports/exports travel ship/train/truck. Only exotic imports on planes.
But I guess it makes for sensational news anyways.
Oddly enough; I agree with you.
BUT
I dont want to brake the motif here so
FUCK OFF !!!
HW, here is a reference for you.
http://www.timesonline.co.uk/tol/news/world/europe/article7070239.ece
Next time, do some research.
Thanks for the link. Yes, it would be devastating IF there is a major eruption there or anywhere for that matter. But right now we're dealing with a different volcano and its affect on the economy. In this present situation, it'll have minimal impact. IF a major eruption occurs, I agree, there would be some big problems.
I cannot understand how you can say such foolish things.
Hotels here in Manhattan are reducing their rates by 25% because they are heavily reliant on European tourists. This costs REITS money, airlines money, local restaurants barely surviving money and if it continues for extended amount of time will causes severe job loss. This has effect on international food imports and perishables. With a drop in demand everyone in every sector is affected especially banks who see a substantial drop off in payments as an already suffering small business cannot make loan payments because either their suppliers cannot payout and job loss incurs less mortgage payments.
Let us also consider in this entire economy based on services on steroids and no manufacturing how many people are not making it to where they need to be coupled with the drop off in advertising revenue that is not necessary if customers cannot get to your locales even if they wished to.
Tell me where you had your rose colored lazer surgery, Dr. Liesmans?
From BBC:
-"The impact on the tourism industry is expected to be relatively small."
As Howard Archer, chief UK and Europe Economist at IHS Global Insight, points out, it is currently not a peak time for tourism in Europe.
Although the tourism industry will lose money from customers unable to make the trip, stranded passengers unable to return home will also be forced to spend more money than expected - offsetting some of those losses.
-International trade relies more heavily on road, rail and sea freight than it does on air freight.
For example, just 1% of the UK's trade, by volume, is carried by air.
-In the short-term, the overall economic impact of the disruption is expected to be minimal.
Not rose-colored glasses, just relaying what the BBC reported.
I thought you threw us deluded ZH saps under the bus for ritzholtz Harry. Change of heart?
I suppose if one were extremely short-sighted, one could see it that way.
Taking any longer view, it's kind of obvious the extent to which this incident exposes the ability for even small-to-medium-sized volcanic eruptions to cause major regional or even global disruptions in air travel and transportation.
If Iceland were to see Katla or Hekla erupt, that would cause even more significant and long-lasting regional problems, which would have a significant global impact. And there are thousands of volcanoes around the world entirely capable of doing exactly that at any moment, as well as a handful of supervolcanoes (particularly Yellowstone) capable of causing damage on a much larger scale, including shutting down not only global transportation global agriculture for over a decade.
The minimal impact is why BMW is forced to halt production - and its not workers not returning from vacation.
Oh fer Christ's sake, already! Quit Arguing.
Europeans are already on paid vacation 365/27/4
We should encourage positive thinking. On NPR this morning they were talking about the bad economy in past tense.
I am curious to see if the 'magical' thinking will work this time.
It will surely be magical for the Vampire Squid's profits
You would be surprised how many electronics, chips, industrial parts, and even clothing are shipped by air and a significant portion of those goods that are produced in India, Taiwan are shipped via London & Europe
I guess tourism is a small industry for Europe !
Oddly enough, the delays and shutdowns have been keeping hotels booked and restaurants full.
Ultimately, you can't have one (full hotels) without the other (air travel) on a scale that's been developed to thrive. The Day After Tomorrow Part Deux is upon us. Hee hee! Couldn't help myself.
Seriously though, it's clear to me that whenever market sentiment turns, you'll know it. The second move down will be equally as vigorous as what we saw in '08 and now. In other words, very exciting if you're well prepared. I mean exciting because the stock market is not an investment vehicle, it's entertainment!
I assume then all airlines are up, up, up? TM hasn't gone done much and they killed and mamed a bunch of people. In addition they are pulling cars like bakers pull old donuts but the stock stays strong. The disconnect between logic and the markets is astounding. ASTOUNDING.
Next up - MORE bailouts...airlines, of course.
Can't help but smile, remembering Art Cashin's remark, along the lines of the market would need a big geopolitical event to knock it down.
Geo = volcano eruptions big enough to affect commerce
Political = GS 3-2 SEC vote split, and the coming finreg legislation
Surfing various Elliott Wave sites, appears that this was a correction just waiting for a reason anyway. These will do. Smart money is going to make a killing on the next wave down.
Better than expected?
Should put back peak oil by about a day or two.
Ah, that'll be why the market is up again...
DavidC