Full article on economist.com
As is always the case when an airline goes bust, the collapse of WOW Air, an Icelandic low-cost carrier, has left a trail of financial destruction at home and abroad. More than 1,000 airline employees have lost their jobs. Tens of thousands of customers will face a battle to recover money spent on unused tickets. Those in the middle of their trips are stranded. With a population of less than 350,000 people, Iceland’s economy is neither large enough nor diversified enough to shrug off the failure. Last year the government warned that WOW’s collapse would shrink GDP and send the krona, the local currency, plummeting...
