Volcano in Iceland hurts New York City: losing $250 million

Stranded in Europe 

The eruption of the massive Eyjafjallajoekull volcano April 14th has placed not just Europe, but much of the World's economy in slow mode.

This is true in New York City, where events like the Tribeca Film Festival have an international reach and thus draw an overseas audience.

Many of the stars of the 85 films of the Tribeca Film Festival are stranded in Europe according to DNAinfo, and that hurts the ability to draw patrons to see them. The film festival relies on producers and directors of the films to come and talk to the audience. But with the volcano in Iceland, that possibility is thwarted.

The Volcano in Iceland is harming tourist spending as well, with an estimated loss of $250 million from the reduction of visitors from Europe over the weekend. The NY Daily News reports that for every 1,000 visitors that don't come from Europe, New York loses $1.5 million.

But The Volcano will not stop The London Book Fair, which counts on visitors from England as a necessary part of its event. Director Alistair Burtenshaw says "Our view is that the show must - and will - go on and we will provide all the help we can to ensure it runs as smoothly as possible."

Stay tuned.