Wow Air helped turn tourism into Iceland’s biggest cash cow, fuelling a boom that dragged the nation out of its financial collapse more than a decade ago.

The collapse of Icelandic airline Wow Air has sparked renewed calls for all travel providers to require bonding in order to prevent holidaymakers being left out of pocket.

Airbus announced the biggest commercial-plane transaction in its history, securing an order for single-aisle aircraft valued at nearly $50bn (€42.6bn) at the Dubai Air Show, outdoing Boeing’s own $20bn mega-deal, Julie Johnsson, Mary Schlangenstein and Benjamin D Katz report.

Ryanair has been granted permission to fly to destinations in Russia from March next year by the country’s aviation authority.

TONY RYAN, the founder of Ryanair, has invested in a new low-cost airline in Singapore in a bid to repeat the success of Ryanair in Asia.