Right now the economic fallout that has been caused by a volcanic eruption that has frozen travel across many parts of Europe continues to grow. This has prompted many European airlines to ask for government financial help as losses to their industry surged past $1 billion.

The head of British Airways, Willie Walsh, linked this need for help to the days just after the terror attacks on September 11^th, 2001. He said that it is an unprecedented situation that is having a huge impact on customers and airlines alike. Compensation was paid after the closure of United States airspace following the terrorist events of 9/11, and clearly the impact of the current situation is more considerable.

The global airline industry has just started climbing its way out of the financial losses it suffered during the economic downturn. The global airline industry has actually started to lose at least $100 million a day since the volcanic ash cloud canceled flights. So far some 80,000 flights in 23 European countries have been canceled. European airlines saw their stock prices fall in the wake of the crisis.

United States airline, which have suffered a loss of about $250 million so far, have not asked for any kind of similar request. However, United States airlines have seen their international routes cut and their stock prices affected because of this cut.

United States carriers normally average about $55 million a day in revenue from transatlantic operations. Only a handful of flights, mostly to and from Southern European cities, have operated during the past five days.