Ryanair, the World’s most hated airline, have extended the cancellation of all their flights into and out of the UK until Wednesday at the earliest due to the volcanic ash cloud hovering above us resulting in a large 6.7% dip in their share price!
Ryanair Holdings PLC has led the decline in European airline stocks as the air-traffic ban that’s grounded tens of thousands of flights since last week extended into a fifth day today.
Airlines may lose as much as $300 million a day due to shutdowns, according to an estimate by the International Air Transport Association. The cancellations began after an April 14 eruption at the Eyjafjallajökull volcano in Iceland spewed dust across European airspace.
“It looks like at the minimum you are going to see an average of a week’s financial impact on the airlines,” analyst Joe Gill at Bloxham Stockbrokers in Dublin said by phone. “For highly geared airlines that’s a lot of money.”