Iceland’s purple planes are grounded, and with them, its economy
In retrospect, it was probably not a fantastic idea to leave Iceland’s economic fortunes tethered to an airline called WOW. Before it collapsed in March, WOW Air delivered more than one-fourth of all international visitors to the island nation. Its credulity-straining fares — US$199 round trip from New York and San Francisco — were key elements of a tourism bonanza that lifted Iceland from its catastrophic 2008 financial crisis. Now, 5 months after WOW’s jets ceased flying, Iceland is suffering a pronounced drop in tourists that threatens to push the country into recession. WOW cannily exploited the financial crisis, which made the country a more affordable tourist destination. Millions of visitors propelled economic growth. And then, WOW disappeared, sending Iceland back to trouble. <br/>
https://portal.staralliance.com/cms/news/hot-topics/2019-08-26/unaligned/iceland2019s-purple-planes-are-grounded-and-with-them-its-economy
https://portal.staralliance.com/cms/logo.png
Iceland’s purple planes are grounded, and with them, its economy
In retrospect, it was probably not a fantastic idea to leave Iceland’s economic fortunes tethered to an airline called WOW. Before it collapsed in March, WOW Air delivered more than one-fourth of all international visitors to the island nation. Its credulity-straining fares — US$199 round trip from New York and San Francisco — were key elements of a tourism bonanza that lifted Iceland from its catastrophic 2008 financial crisis. Now, 5 months after WOW’s jets ceased flying, Iceland is suffering a pronounced drop in tourists that threatens to push the country into recession. WOW cannily exploited the financial crisis, which made the country a more affordable tourist destination. Millions of visitors propelled economic growth. And then, WOW disappeared, sending Iceland back to trouble. <br/>
