Icejet Seeks Shelter from Reykjavik Bank Storm

The near catastrophic collapse of leading Icelandic banks has forced Reykjavik-based executive charter operator Icejet to take refuge further south by basi

By Charles Alcock • Managing Editor

May 10, 2009

The near catastrophic collapse of leading Icelandic banks has forced Reykjavik-based executive charter operator Icejet to take refuge further south by basing four of its five Dornier 328Jets overseas. Two of the aircraft now reside at Oxford Airport in the UK–a 14-seat VIP Envoy model and a 19-seat corporate shuttle version. Another Envoy is based at Paris Le Bourget Airport and a third aircraft operates out of the Latvian capital Riga.

Icejet managing director Jon Ingi Jonsson freely admitted that the company has probably had it harder than almost any other European charter operator over the past six turbulent months. Quite apart from the sharp dip in demand for flights, Iceland’s banking crisis resulted in severe difficulties in receiving the income that it was able to earn. Receiving more pay in the euro currency has at least insulated the company from the severe devaluation of the Icelandic krona.

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