Shares in European airline and travel stocks fell heavily on Monday as ash from an Icelandic volcano looked set to bring much of Europe to a standstill for a 5th straight day.
Shares in European carriers like BA, Lufthansa and Air France-KLM and travel-related stocks like TUI, Thomas Cook, Accor and Kuoni all came under pressure.
It was not all bad news, with rail and ferry operators across Europe seeing demand soar as people desperately tried to travel across the continent with most major airports shut or operating severely limited services.
The International Air Transport Association warned on Friday that daily losses due to the crisis could top $200 million a day if things do not improve and where very critical of the intergovernmental response.
"We are far enough into this crisis to express our dissatisfaction on how governments have managed it - with no risk assessment, no consultation, no coordination, and no leadership," Giovanni Bisignani, IATA's Director General and CEO, said.