The Forum > Article Comments > How the land of fire and ice brought Europe to standstill > Comments
How the land of fire and ice brought Europe to standstill : Comments
By Bashdar Ismaeel, published 28/4/2010While it may seem unreal to most, this was an evident and unprecedented reality that cost the combined economies almost $2 billion dollars and brought Europe to a virtual standstill.
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In reality it hardly made the slightest difference considering that the total economy of Europe is about US$18 trillion (GDP price parity to US). So your $2 billion* works out to about one hour of lost production over the year, ie: it is barely noticeable. Admittedly this $18 trillion is for the whole of Europe, including the Eastern Europe countries that were not affected. The economy of just the EU countries is about US$14.7 trillion- so $2billion is less than 75 minutes of the EU's economy. Even if you take the extreme position that the $2billion loss was carried solely by the UK then it works out at about 8 hours of lost UK production- which over the 8760 hours of the whole year is still not much.
Nor did the airspace closure make much of a dent in the total number of commutes or miles/person traveled a day in Europe. The average total number of daily transport movements in Europe for a given day is in the billions. Planes make up only a very small percentage when compared to walking, automobiles, trains and boats.
*Not sure which currency you're referring to so I'll assume $US