Scandinavian airline SAS has lost almost $40 million as a result of the volcanic eruption – so far.

• Airspace lockdown: country-by-country
• SAS cancels all flights until Tuesday
• Airline SAS warns of 2,500 temporary lay-offs

Shares in Scandinavian airline SAS plunged in Stockholm Monday as the airline said it estimates that the disruptions in air traffic due to volcanic ashes will have a negative impact on its earnings of 50–90 million kronor ($7-12.5 million) per day.

Total earnings impact up to and including Sunday was estimated to 220-280 million kronor in lost revenue and expenses.

The airline, half-owned by Sweden, Norway and Denmark, has grounded almost all of its flights since on Thursday until Tuesday morning.

"With safety as the number one priority, we are working closely together with other major European airlines and the aviation authorities to find a solution to resume operations. We regret the situation and the consequences for our customers and SAS does its utmost to help them in a difficult situation", said CEO Mats Jansson.

The airline said Sunday all its flights would remain grounded until Tuesday with the exception of some flights from the US and a handful of flights in northern Norway.

The impact is lowest on weekends and highest on busy travel days such as Mondays and Thursdays, the airline said.

The airline also have to pay extra reimbursements to its customers, such as hotel accommodation and alternative transportation.

On Monday afternoon trading shares in SAS were down5 percent.