Saturday, September 19, 2020
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Icelandic budget airline goes out of business

WOW, which focused on low-cost travel across the Atlantic, advised stranded travelers to seek flights with other airlines. It flew a total of 3.5 million passengers last year.

The company had earlier postponed flights on Thursday as it entered what it had hoped were the final stages of equity raising with a group of investors.

Founded in 2011 by entrepreneur Skuli Mogensen, WOW used smaller single-aisle planes to fly between Iceland and many destinations in the United States and Europe.

Norwegian Air has a little over half of the market share in the fast-growing, low-cost, long-haul transatlantic market, while WOW controlled a quarter in 2018.

Around 30 percent of tourists visiting Iceland last year flew with WOW and the collapse could trigger a 16 percent drop in tourists this year, research from Icelandic bank Arion showed.

(Production: Ilze Filks, Malgorzata Wojtunik)

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