The closure of British airspace has caused financial problems for airlines. British airlines could stand to lose over GBP 100 million (USD 155 million, EUR 114 million) if the closure extends to the weekend.
Although Keflavík International Airport is open to some flights, the Icelandic airlines have also suffered losses because of the ash fall.
British Airways say that when airspace is closed due to fog, the company loses GBP 10-20 million a day. The market price for British Airways, Ryanair and easyJet decreased sharply yesterday, visir.is reports.
Thousands of passengers have had to postpone or cancel their flights over northern Europe because of the eruption. Yesterday, 5,000 flights were canceled.
The problems continued today. Airspace over England will be closed until at least midnight if conditions do not improve, visir.is states.
However, it is hoped that it will be possible to fly some routes within Scotland and Ireland later today, and five planes destined for the US have already left from Scotland.
Nine European states closed their airspace yesterday: Britain, Ireland, Denmark, Sweden, Finland, Belgium, and the Netherlands. In northern France, 24 airports were closed, while Germany closed its airports in Berlin, Hamburg and Frankfurt.
In Denmark airspace will be closed until midnight and Norway is considering the situation. Sweden might reopen part of its airspace in northern Sweden later today but otherwise little air traffic is expected there today.
Last night American authorities said they expected that at least half the flights between the US and Europe would be canceled today.
Click here for further information on the ash fall that comes with the current eruption.