ICELAND’S Wow Air has been the latest budget airline to fold, leaving thousands of passengers stranded. The Reykjavik based carrier had operated out of three Spanish airports including Alicante as well as two UK routes. It hit the headlines three years ago for offering flights from Europe to the US for just £99, a strategy that many considered risky. The closure has not surprised industry insiders as Wow halved its fleet recently and started cutting back on routes while seeking extra funding. Their failure to secure the emergency funding is what led to the announcement last Thursday.