Ash from the Iceland volcano is wreaking havoc on travelers and others who depend on air flights to/from European airports.
It's too early to predict when the disruption of eruptions will end. (Check here for some amazing photographs of the volcano).
Many students and faculty members are anxious about travel required for study abroad.
This BBC article provides rough estimates of immediate and possibly long-term economic impacts.
See also this New York Times article that focuses on the response of various governments to flight disruption.