Air France To Lose $55 Million Following Paris Terrorist Attack

Air France estimates it will lose $55 million in revenue for November compared to the same time past year.

Many customers canceled their flights after the Islamic State of Iraq and Greater Syria (ISIS) killed 130 people in the worst attack on French soil since World War II, the company added.

Air France staff is taking care of all passengers. Officials at the Montreal Airport told Canadian media the flight was carrying 231 passengers and 15 crew members.

Meanwhile, Air France said the company’s cargo activity was down 11.3 percent this month, after being slowed down by the “increased security measures in place at Charles de Gaulle airport because of the attacks”.

France’s trade ties with Iran had been worth four billion euros ($4.2 billion) in 2004 but that slumped to 500 million by 2013 as sanctions took hold.

The move comes as the two countries look to strengthen commercial ties in the wake of last July’s landmark deal on Iran’s nuclear program following nearly two years of talks. Irish budget carrier Ryanair responded to a fall in demand for plane tickets to Paris by cutting the price of its fares.

Speaking to AFP Friday, a spokesperson for the bank said the impact of the attacks on the French economy would be “transitory and limited”.