Volcano Continues to Disrupt Economic Activity

Due to the volcano ash cloud in Iceland economic activity has been disrupted which include tourism and trading. The debris has disrupted air travel for major companies. Millions of travelers are stranded and are having a tough time trying to get home which include many Europeans stuck in America. This also raises a big question whether people with vacation plans later this month will be able to fly. According to NYC & CO. in the worst-case scenario, 160,000 visitors could cancel their trips to New York over a two-week period. This would end up costing the local economy as much as $250 million in revenue. It has been reported that the industry has been losing about $200 million per day because of all the grounded flights. United States airlines were planning to send 337 nonstop flights to Europe this past Sunday, and 310 were canceled. Sporting events such as the Boston Marathon was disrupted because one of the world’s most elite runners was not able to make it. Because flights are disrupted trade and FedEx is struggling and loosing a lot of revenue. As of now our economy is already at a low point and if flights are still continuing to cancel at this rate than the United States will continue to dig the hole deeper.