NEW YORK (TheStreet) -- The International Air Transport Association (IATA) announced on Friday that the financial impact on major air transport of the Iceland volcanic eruption will be more than $200 million a day in lost revenues.

The IATA adds that on top of lost revenues, airlines will incur added costs for re-routing of aircraft, care for stranded passengers and stranded aircraft at various ports.

The IATA says it has set up its crisis center in Montreal and is closely coordinating with Eurocontrol (European Organisation for the Safety of Air Navigation) and European air navigation service providers.

-- Reported by Andrea Tse in New York

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