European airline shares have fallen by around 5% in value already after a spate of selling by investors all over the world in response to the new Icelandic volcano.
By all accounts flights should not be affected as badly as last year as the civil aviation authority is allowing planes to fly in higher concentrations of volcanic ash, but there are already several cancellations across norther Europe.
This current volcanic eruption is also sending up larger particles than last year which are expected to settle sooner with much of the ash falling in the sea before it reaches Europe.
All the weather we have been having is also helping at the moment. It seems the the air industry is currently at the mercy of weather.
The transport secretary will be chairing a COBRA (Cabinet Office Briefing Room A) meeting later today (15.30hrs) to assess the current situation.
About 400 passengers spent the night at Edinburgh airport last night.
The Red Cross have issued blankets and supplies to stranded passengers.
The ash cloud is expected to be over Scottish air space from around 13.00 hrs today through to the evening.