TUI estimates ash cloud could cost industry $1.5 billion

05/12/2010 | Bloomberg

Peter Long, head of TUI Travel, said the ash cloud caused by an erupting volcano in Iceland might have cost the global travel industry in excess of $1.5 billion. "We had 143 aircraft on the ground doing nothing, meaning a huge number of cancellations," Long said. But he noted bookings have improved. "We've seen a quick recovery in demand -- this has not spooked our customers," he said.

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