Europe Counting Economic Cost of Volcano

European Commission President Jose-Manuel Barroso on Sunday called for Europe to co-ordinate any steps to address the economic impact of Icelandic Volcano which has grounded flights across the continent.

The International Air Transport Association on Friday warned that the cost to the aviation industry could hit $200 million dollars a day if a similar amount of flights are cancelled.

On Sunday the European aviation control agency said it expects only 4,000 flights in European airspace versus an average of 24,000 and there is little sign of that figure changing.

Major airlines from across the region are canceling flights for Monday the 19th of April and as many as 5 million people are thought to be stranded inside and outside of Europe with 23 countries shutting air space across the region.

Boom times for rail and shipping

Reports from across Europe show rail services are being booked up fast and it is not currently possible to buy a ticket between London and the continent on the euro star before Monday evening at the latest.

Ports like Dover on the South Coast of Britain on Saturday saw as much traffic as they would experience at the height of the summer season with 60,000 people alone getting on ferries from the port on Saturday alone.

Impact on businesses

Businesses across Europe are likely to experience major problems getting staff to meetings and back from foreign lands. One hotel in Madrid was offering guests a car to travel back to Brussels with a driver for just €4,000.

Reports from across Europe indicate business people have been forced to be creative and hire power boats to cross the English Channel or have find limited seats on cargo ships in a bid to get home.

Even Hollywood impacted

The Sunday Times in the UK reports that thousands of teenage fans have been left devastated by news that Miley Cyrus, the star of Hannah Montana has had to cancel a gig in London and believes that the premiere of Iron Man 2 next Monday in London is now at risk.