Prior to the Ash Attack, European aviation was showing some signs of financial recovery, particularly in terms of unit revenues, thanks to continued capacity restraint and some glimmers of economic improvement. April yields could spike, like the US experience during the 'snowcopalypses' of Feb-2010 that caused the cancellation of thousands of flights in North America. But the financial impact of lost revenue and costs incurred caring for displaced passengers, crew and aircraft could run into the billions for European carriers. Several smaller airlines are reportedly already close to the brink. For the larger airlines, the Ash Attack has come at a delicate time in the cycle.