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Iceland volcano have cost U.S. economy $650 Million

21 April 2010 10:48 (UTC +04:00)

Baku â€“ APA-Economics. Broad restrictions canceling flights to the U.S. in the past five days due to the erupting volcano in Iceland has cost the U.S. economy $650 million, according to the U.S. Travel Association. This spending supports 6,000 U.S. jobs.

The loss to the economyâ€”averaging $130 million per dayâ€”vividly illustrates how the world has come to depend on travel for tourism and business of all kinds, and demonstrates the importance of policymakers acting on facts and retaining a measured response to crises, said Roger Dow, president and CEO of the U.S. Travel Association.

In the past five days, carriers between Europe and the U.S. have seen about 78 percent of their flights cancelled. The impact of these flight cancellations between Europe and the U.S. have cost the U.S. economy $650 million in direct travel spending and $90 million in tax receipts. Every U.S.-bound flight accounts for an average $450,000 in direct spending by international travelers to the economy, spending that supports five jobs per flight.

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Iceland volcano have cost U.S. economy $650 Million

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