White Mountain Property

The cloud of ash from an Iceland volcano is casting a shadow over the nascent economic recovery in Europe as the cancellation of flights in key markets entered its fifth day.

By the end of the day on Sunday, a total of 63,000 flights had been canceled in the four days since ash from a volcano under the Eyjafjallajokull glacier in Iceland closed the airspace of a large swath of Europe, according to air traffic authority Eurocontrol. The air travel and freight disruptions are costing airlines at least $200 million a day and perhaps billions more to the affected economies, one industry group warned.

European Commission President Jose Manuel Barroso ordered formation of a group to study the impact of the volcanic ash cloud on the European economy. "The volcanic ash cloud has created an unprecedented situation," Barroso said in a statement Sunday. "I have asked Vice President Kallas to coordinate the Commission's response and fully assess the impact of the situation created by volcanic ash cloud on the economy, and the air travel industry in particular."

The Eurozone -- the 16 European nations united under the euro currency -- is in the midst of a shaky recovery. After shrinking 4 percent last year, the Eurozone is expected to grow only 1 percent this year, according to a forecast by Ernst & Young released last Friday.

"The key is how long this eruption and the disruption last," said Frederic Neumann, an HSBC economist in Hong Kong. "If it's just a couple weeks, from a macroeconomic standpoint it's just a blip on the radar ... if it lasts for months and months, then it's a different story."

Right now, how long it will last is anyone's guess.

"Each day we've gone to check out Virgin (Atlantic Airlines) and each day they just tell us to keep checking on the Internet," said Andy Loftus, who is stranded in New York. "But when we check the Internet, the Internet doesn't tell you anything. So you have to keep going back to the airport."

The last time the volcano under Eyjafjallajokull glacier blew was 1821 and continued for two years. The amount of ash and its concentration over European flight paths is constantly changing due to geological and meteorological forces.

The disruption is costing airlines at least $200 million a day in lost revenues, said Giovanni Bisignani, director general and CEO of the industry trade group International Air Transport Association. He told CNN on Monday that if flight restrictions continue, some small and medium-sized airlines could be put in jeopardy.

-- IATA criticized European governments "for their lack of leadership in handling airspace restrictions" and "urged a re-think of the decision-making process" for closing European skies.

-- About 5,000 flights took off Sunday in European airspace, according to traffic authority Eurocontrol. About 24,000 flights happen on most Sundays.

-- Results of test flights show "there's no impact" in European Union airspace from the volcanic ash that has disrupted air travel this week, according to the European Union's Secretary of State Diego Lopez Garrido.

Austria-- Austrian airspace, including all Austrian airports, reopened at 5 a.m. local time Monday (11 p.m. ET Sunday), said the Austrian aviation agency Austro Control. It will continue to monitor the situation and have not ruled out another closure in the coming hours.

Denmark-- There will be no flights in Danish airspace before 2 p.m. (8 a.m. ET) Monday.

England-- Restrictions across British air space will remain in effect until at least 7 p.m. (2 p.m. ET) Monday.

-- British Airways canceled all flights in and out of London on Sunday and Monday, the airline announced.

-- The British government says it is looking at whether to draft in the Royal Navy to help people stranded by the current travel crisis.

Finland -- There will be no flights in or out of Finnish airports before 6 p.m. (11 a.m. ET) on Monday.

France-- Paris' Charles de Gaulle and Orly airports will remain closed until 8 a.m. (2 a.m. ET) Tuesday by order of the French Civil Aviation Authority, Air France said on its website late Saturday.

-- France re-opened airports in Toulouse, Montpellier, Pau, Tarbes, Biarritz, Bordeaux, Nice, and Marseilles until 3 p.m. Monday (9 a.m. ET), when they will reassess the situation.

-- Air France is busing passengers from de Gaulle down to these airports in the south of the country.

-- They plan to have seven flights leave France on Monday: six from Toulouse airport, and one from Pau.

-- They also hope to have nine nine flights fly into France Monday -- into airports in Toulouse, Bordeaux, Nice and Marseilles.

Germany-- The flight ban over Germany has been extended to 8 p.m. local time Monday ( 2 p.m. ET) and applies to all airports in the country, said the German aviation safety authority.

Ireland-- Ireland extended its airspace closure through 1 p.m. (8 a.m. ET) Monday and said restrictions past then were "likely" in light of current weather forecasts.

Italy-- Italian airspace throughout the country opened at 7 a.m. Monday (1 a.m. ET) but the situation remains fluid with officials checking how long it can remain open, the civial aviation authority said.

Russia-- Flights have been delayed and cancelled at 10 Russian international airports, mostly in the European part of the country, the transport ministry said.

-- Moscow's international Sheremetyevo airport has been affected by far more than others: 277 cancelled flights and 59 delayed, with more than 28,000 people stranded.

-- Throughout Russia, 411 flights were canceled and 77 delayed, affecting more than 34, 000 passengers, the Russian transport ministry said.

Spain-- All 16 airports in Spain were scheduled to reopen at 3:30 p.m. Sunday (9:30 a.m. ET) -- several hours earlier than previously expected, the government announced.

Switzerland-- Switzerland is not permitting flights before 2 p.m. (8 a.m. ET) Monday, the government said.

Sweden-- Swedish airspace is closed until further notice.

-- Scandinavian airline SAS canceled all flights over north European airspace on Sunday and Monday. It said a few domestic flights will operate in Norway. Flights departing from the United States on Sunday are not canceled but may be rerouted to Norway.

ThailandThai Airways, based in Bangkok, estimates the cloud is costing the airline $3 million a day and has stranded 6,000 of its passengers.

The Netherlands-- A spokeswoman for KLM -- one of the airlines that conducted test flights -- told CNN the flights show European airspace is safe with the exception of Iceland.

United Arab Emirates-- Emirates airline says the disruption has already cost it $50 million.

Other countries-- There are restrictions on civil flights across most of northern and central Europe. This swath includes Austria, Belgium, Croatia, the Czech Republic, Estonia, Poland, Romania, Serbia, Slovenia, Slovakia and Ukraine.