Deutsche Lufthansa AG

Lufthansa CEO: Aviation shutdown because of overrated ash danger cost airline $265.1 million

Lufthansa CEO Wolfgang Mayrhuber / Image via rp-online.de

BERLIN - The CEO of German airline Lufthansa says the shutdown of European aviation because of the Icelandic volcano cost it nearly euro200 million ($265.1 million) and that the danger was overrated.

Speaking at the annual meeting of Deutsche Lufthansa AG, CEO Wolfgang Mayrhuber said Thursday the estimated cost to the Lufthansa group, including several smaller airlines, was estimated so far to be nearly euro200 million but that a precise figure was still being determined.

Mayrhuber criticized the decision to stop flights without checking the danger firsthand, adding that today "we know that the danger situation was entirely overrated and the consequences of this were severely underestimated."

He also says that the pilot strike in February cost it some euro50 million.

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