6: Iceland Volcano Insurance Payout – $3.5 B
Iceland’s skies were filled with ash clouds erupting from Eyjafjallajokull volcano in 2010. The airlines were forced to shut down the shutters and no flights could fly for more than a week across Europe, leaving thousands of passengers stranded overseas.
For two weeks no airline company could conduct services in this route because of visibility challenge and this resulted in huge financial losses, although there weren’t any accidents. According to some estimates, business insurance claims ended up costing the European Union some €2.5 billion ($3.5 billion). This amount had fallen back on the insurance companies. Even the price of petrol fell because of the airlines not being able to fly.