The global air cargo industry is in a costly holding pattern as it waits for ash spewed from a remote volcano in Iceland to subside. For the airfreight industry, that shutdown has significantly affected key cargo hubs in northern Europe.
The knock-on effect of the closures, however, has spread to North America and Asia, as flights destined for Europe have been grounded, leading to the most severe disruption to air transport since the 9/11 terrorist attacks in 2001. Analysts are predicting that this disruption will likely be even more severe, given that there's no timetable for when the volcano might stop erupting.
