• Coronavirus in Hungary
  • Budapest
  • Hungary border control
  • HelloMagyar
EnglishFrenchGermanSpanish
EnglishFrenchGermanSpanish
Wizz Air is in trouble amidst the Russian-Ukrainian conflictWizz Air is in trouble amidst the Russian-Ukrainian conflictWizz Air is in trouble amidst the Russian-Ukrainian conflictWizz Air is in trouble amidst the Russian-Ukrainian conflict
  • Politics
  • Business
  • Society
  • Sport
  • Culture
  • Special Hungary
  • News To Go
  • World
  • Contact Us
  • About us
  • About us
  • Contact Us
  • Privacy Policy
✕
Breaking News
Support us
Barbara Adorján Barbara Adorján · 16/02/2022
· Society

Wizz Air is in trouble amidst the Russian-Ukrainian conflict

Hungarian economy Hungary Russia transport travel Ukraine

The stock value of various airlines is dropping due to the Russian-Ukrainian conflict. One Hungarian airline suffers the biggest loss.

Airlines are losing value due to the current situation. Wizz Air lost 10-11 per cent of its stock value. Other airlines have suffered serious damages as well. Lufthansa’s value dropped by 6 per cent, Air France–KLM by 7.6, IAG that runs British Airways lost 6 per cent. Easyjet lost 4 per cent, and Ryanair lost only 3 per cent of the stock value. – writes vg.hu. This means that the farther the base of the company is from the Ukrainian capital, the less severe their stock market value decrease gets.

The issue is more complex, however. One of the biggest setbacks for airlines is that they have to avoid flying above Ukraine.

KLM canceled all flights to Kyiv on Saturday. Even a Ukrainian company, SkyUp decided that one of their flights would land in Moldova rather than Ukraine. Insurance companies said that they would not cover the costs of the risks, and demanded that the flight be taken to the European Union’s territory. The passengers were transported to Kyiv by bus. Wizz Air is following the changes as well. Air France will not suspend flights, but the staff will not spend the night in the Ukrainian capital city.


Airlines have usually avoided flying above Ukraine since 2014, when a plane of Malaysia Airlines was shot in the Eastern side of the country. It is forbidden to do commercial flights above Eastern Ukraine and Crimea.


Index wrote that other airlines, such as Lufthansa, a Swiss, and Austrian Airlines reorganised their flights as well. The British reinsurance company, Lloyds, has also announced that it will temporarily suspend insurance coverage for aircraft flying in Ukraine’s airspace due to the increased potential of an outbreak of war.

ukraine
Read alsoThousands of asylum-seekers could leave Ukraine

Source: vg.hu, index.hu

Hungarian economy Hungary Russia transport travel Ukraine
Share
Barbara Adorján
Barbara Adorján

Leave a Reply

Your email address will not be published. Required fields are marked *

SUPPORT US

Subscribe to our newsletter

Sign up to receive daily updates, news & stories about Hungary!

Select your location below or enter your country so we can deliver our morning newsletters to you in time.


Thank you!

You have successfully joined our subscriber list.


.

Latest news
  • Exotic airline comes to Budapest with new flights this summer
  • PHOTOS: Turkish foreign minister in Budapest
  • Orbán backs down: EU block on Hungarian Erasmus programs can end soon
  • Hungarian, Indian university sign cooperation agreement
  • Wizz Air chaos: Hungarians stuck in Abu Dhabi without food, water
  • PHOTOS: Budapest Chain Bridge renovation reaches a milestone, new handrails presented
  • Hungary wants to protect Hungarian honey in the EU
  • Will TikTok be banned in the EU and Hungary?

About us

Contact us

Copyright rules

© 2023 DailyNewsHungary. All rights reserved! | Server and development by Svigelj Levente E.V