In response to the recent global outage affecting multiple airlines, Payset conducted a comprehensive analysis to estimate how much money airline industry lost because of this disruption.
Payset partnered with Hirocom and created an Outage Airline Loss Calculator that will show you the estimated amount of money airlines have lost.
IT Outage Cost Calculator
Total Estimated Cost:
USD $0
GBP £0
Cost Breakdown:
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Customer Compensation:
USD $0GBP £0
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Refunds:
USD $0GBP £0
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Additional Crew Wages:
USD $0GBP £0
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Accommodation:
USD $0GBP £0
“This analysis, based on the data that we have available at the moment, reveals that the estimated financial impact of the outage is already substantial in the airline industry. This figures, even if just estimations at this point, paint a clear picture of immediate expenses that airlines are facing”
says Ariel Katz, VP of strategy & growth at Payset, an EMI that provides businesses with a range of payment solutions.
Methodology
Payset estimated the cost based on:
- Number of cancelled flights: 3,340 flights cancelled worldwide, according to aviation data company Cirium (valid at 5pm, Friday 19th)
- Average passengers per flight: 64.4 (according to Federal Aviation Administration)
- Average compensation per passenger according to EU law: $478
- Average crew wages: $50/hour extra for 8 hours and calculated for 6 crew members per flight
- Average accommodation cost: $100 per night/passenger, assuming that just 30% of passengers needed it. (edited)