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Economists would tell you that everything happening is perfectly rational: The efficient market hypothesis of ash cloud flying calls for airline financial ruin, outrageous train prices, and a market for jets at the Dorchester. The market would have predicted it all, if only our models had incorporated Eyjafjallajökull data...
Last Wednesday, the volcano—locally known as Eyjafjallajökull—began spouting plumes of fragmented glass and ash into the air, which can knock out the engines of airliners. By the following day, countries across Europe had introduced restrictions grounding nearly all flights through Monday...
...Eyjafjallajokull (pronounced ay-yah-FYAH-plah-yer-kuh-duhl) glacier has caused the biggest flight disruption since the Sept. 11 terrorist attacks, derailing plans for business travelers, tourists and even European royalty. The high-altitude cloud of smoke - tiny particles of rock, glass and sand, contained in the ash cloud, that can clog an aircraft's ventilation holes and stall its engines - continues to spread across northern and central Europe, forcing aviation officials to ground airplanes from London to Hong Kong to New York. For the first time, on Friday, April 16, an international agency warned of potential health risks...
...sudden eruption caused a mild panic on flights already airborne. Kuenga Wangmo, a doctoral student at Cambridge University, was on a British Airways flight from Delhi to London when she learned of the news. "I was woken up when the captain announced that British airspace was contaminated by ash from an Icelandic volcano," she says. "I had no idea what was happening. Some of the passengers were nervous, especially those flying on to Canada." Wangmo's flight was one of the last to land at Heathrow on Thursday. (Read "Why Iceland's Volcano Is a Hazard for Air Travel...
...amid the ash, there are a few glints of hope. By Friday afternoon, Sweden was gradually reopening its northern airspace, six planes were permitted to fly into and out of England's Manchester Airport, and a limited number of flights were departing from Northern Ireland and southwest England. As for other modes of transport, Eurostar trains reported a complete sellout of its services to Brussels and Paris for a second day on Friday. Rail and ferry services are also reporting rises in their passenger numbers...