Playing the Odds

Image courtesy of Reuters

Volcanic ash spewed into the atmosphere by the eruption in Iceland led to numerous cancelled flights and closed airspace in Britain, Ireland, Holland, Sweden, Norway, Denmark and Finland over the past week.

Eyjafjallajokull blasted clouds of ash several miles into the atmosphere on Wednesday night, which drifted south-east on the wind. Volcanic ash does not mix well with jet engines, hence the disruption.

In addition to surprising airlines, Eyjafjallajokull caught bookmakers unaware. Paddy Power, an Irish bookie, had the odds on it erupting at 28-1. The odds are much shorter on other volcanoes around the world losing their lids.

Read more about this story from The Economist and see the odds of the next large volcanic eruption.