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2010 Volcanic eruption in Iceland: Financial implications

As a result of restricted flight operations at Zurich Airport during the last few days, a total loss of revenue of 7 to 8 million Swiss Francs is expected.

Due to the volcanic eruption in Iceland, the air space above Switzerland was closed from Friday, April 16, 2010 midnight until Tuesday, April 20, 2010 at 08:00 CEST. As a result, air traffic at Zurich Airport was suspended during that time. Even before the closure and after the re-opening of the air space, flight operations were not running according to the regular flight plan. About 3’000 flights had to be cancelled between Friday, April 16, 2010 and today, thus causing an expected total loss of revenue of 7 to 8 million Swiss Francs.

At this time no predictions can be made about whether passengers will make up their flight at a later time, and if so, how many passengers will do so. Therefore, it is still uncertain whether the guidance for the full year 2010 of 3 to 5 percent passenger growth has to be adjusted. Passenger numbers for the month of April will be published on May 14, 2010. In the first quarter of 2010 passenger figures increased by 8.4 percent compared to last year.

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