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The Air Transport Industry is suffering sizable losses in revenues from the recent Eyjafjallajokull volcano eruption in Iceland. In fact, after almost a week of no-fly restrictions, officials from the International Air Transport Association are estimating that the giant cloud of ash over Western Europe is reducing industry revenues by more than $200 million a day.

For the domestic carriers, the cost has not been quite as high. Still, due to the grounding of flights to and from the U.K., as well as Norway, Sweden, and European countries, the U.S. airline industry lost around $80 million in the first four days following the eruption.  Some of the major airlines affected include Continental Airlines CAL), Delta Air Lines (DAL), UAL Corp.’s (UAL) United, AMR Corp.'s (AMR) American, and US Airways Group (LCC).  Continental was likely the most affected, with nearly one-quarter of its seat capacity comprised of Atlantic flights at the end of the first quarter.

Several test flights have been concluded, and the European skies are set to reopen shortly, excluding significantly reduced no-fly regions. Despite the large top-line toll that has already been taken, the carriers are largely expected to re-accommodate passengers stranded by nature's interruption.