Airspace closures as a result of Europe's volcanic ash crisis cost the world $4.7 billion in lost GDP during the first week April 15-21, according to a study by Oxford Economics that was presented at the World Travel and Tourism Council's 10th Global Travel & Tourism Summit. The study, commissioned by Airbus, found that subsequent, more limited closures raised the cost to $5 billion through May 24. The biggest impact in the first week was felt by the aviation sector, with ...

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