Reykjavik: 20th April 2010
GEOTHERMAL COMPANY LINKED TO ERUPTION GROUNDING FLIGHTS
By Gunnar Skoleskar in Reykjavik and additional reporting from Hanfluss Janesbaer in Amsterdam
In a new twist to the ongoing eruption of Iceland’s Mount Ejafjallajoekull, spreading volcanic ash and dust across Europe and grounding thousands of flights, investigations into the activities of the energy consultancy, Icelandic Geothermal have revealed massive short selling of airline stocks, a leading airline organization has revealed.
The Amsterdam based Center for Airline Carbon Emissions (CACE) are investigating claims that Mr. Olaf Selfoss Olafson, founder of the Reykjavik (RSX) listed technology company, sold substantial holdings in several European airlines just weeks before the eruption.
Olafson’s company, a geo-thermal consultancy, developing technology to harness volcanic lava flows for water heating and steam turbine production has been linked to the eruption, following a several month undercover CACE investigation trailing the activities of Icelandic Geothermal, acquiring incriminating evidence on the way.
“We know that these guys were involved in the eruption” Helmut Schnellerflugzoeg, in charge of the CACE investigation told us. “Our team of analysts have been following the company’s activities after intelligence analysts intercepted their plans and contacted us.”
“They hired drilling machines to bore into the area where the volcano erupted, a couple of months ago, and we have video-footage of the lowering of large objects into the bore holes.”
When asked as to what these large objects could be, Schnellerflugzoeg was vague. “We have a good idea what it may be, and we know that it is a catalyst to volcanic eruptions,” he told reporters.
“The whole point was to help kill the airline industry and prove that global warming was in part due to aircraft emissions,” Schnellerflugzoeg said. “With aviation grounded, scientists would be able to gather evidence of a drop in mean temperatures and doctor the figures, showing perhaps as much as a 2 degrees centigrade drop.”
“It’s too early to say whether it may be linked to a wider conspiracy,” he continued, “but we are determined to get to the bottom of this exploding volcano.”
The fall-out could be sulphurous if there is any evidence linking the climate change lobby to the eruption, already reeling from criticism for providing information leading scientists to predict the disappearance of Himalayan glaciers by 2035. “If the climate change lobby is in any way linked to this volcanic eruption, it could be very damaging.” Professor David Sonnenbaum a climate specialist at the University of Berlin told us.
A spokesperson for Icelandic Geothermal denied any involvement in the eruption or the sale of any airline stocks. “We categorically deny any involvement in the eruption of the volcano,” Lars Grindavic Magnusson, CEO of the company told reporters at a press conference in Reykjavik on Monday.
Analysis of trades on European Stock Markets, including London, Paris and Frankfurt seems to indicate a substantial turn-over of stock in major airlines in the first week of April, a source close to the CACE investigation told the paper.
“There’s activity which potentially links the company to the eruption” Verloke Shomes, a senior investigator told our reporter in Amsterdam. “We are investigating a surge of buying activity on the markets on Friday, where a Cayman Islands holding company appears to have bought a lot of stock in publicly listed European carriers at bargain basement prices.”
The eruption has caused serious disruption to global air-traffic, grounding more than 17,000 flights daily and preventing transit across European airspace, potentially affecting more than 1.7 million travellers a day.
There are more kinks to this story than a San Francisco bathhouse.
Earlier in the same comment thread, this little factoid was let plop:
The BBC reports that there is ‘zero tolerance’ on ash.
” ‘No tolerance’ rule for volcanic ash”:
[Quote] “Over the weekend, [our observations] have detected dust in the atmosphere and on the ground,” the Met Office said on its website.
“A research aircraft has recently encountered dust during its flight, albeit in fairly low concentrations.”
And, no matter how low the concentration, aviation authorities will not reinstate normal control over airspace while the ash cloud is still there.
A spokesperson from from Nats, the UK’s air traffic control authority, told BBC News that there was “no threshold” for concentrations at which volcanic ash was acceptable…Whether to open or close airspace is a decision for national aviation authorities, but all European nations abide by the rules set by ICAO, which recommends implementing a no-fly zone if volcanic ash is detectable in airspace. [end quote]
Can't imagine the Boxheads are going to knuckle under to the verdamnt Englanders for very much longer on this one. No acceptable minimum standard of particulate size or cloud density? So in other words, a fine enough measuring device ensures no further aviation anywhere in Euro airspace ever again, since some quantity of volcanic ash is to be found at some altitude in the atmosphere regardless of (putative :)) Icelandic shenanigans (an observation made - if somewhat less inflammatorally - by the original commenter as well).
I'm so glad I got to see the place while it was still recognisably sane.