A remote part of Iceland volcano erupted sending ash clouds up thousands of feet in the sky and the whole of northern Europe is in a lockdown stage. All flights to London from New York have been halted or diverted to other places and many northern European airports and airspace has been closed for a few days. Apart from disruption to normal human activity, there will definitely be economic consequences, like vacations disrupted, meetings canceled, transatlantic flights and business travel will be affected.
The authorities are saying that is this has been the biggest airline travel disruption since 9/11. Hundreds and maybe thousands of flights have been canceled or diverted causing huge economic and fuel loss apart from human misery in the shape of life disruptions. I guess no government can do anything but to wait for the ash cloud to clear in a few days and then the losses will be tallied up or not and everything will be back to normal.