More pain for European airlines as their stocks plunged as much as 20 percent on Thursday (March 12).

After President Donald Trump said he would restrict arrivals from Europe for 30 days to try to contain the coronavirus.

Passengers in Madrid Thursday scrambled to board flights before the ban comes into effect -- there are fears of last-minute chaos across Europe.

(SOUNDBITE) (Spanish) MIGUEL PARACUELLOS, TRAVELLING AND LIVING IN MIAMI, SAYING:

"It affects me because I work there. I had to change my ticket and bring the trip forward because if not, I'd have found the border closed."

It's a huge setback for carriers already battered by the Italian lockdown and falling passenger numbers because of the pandemic.

The transatlantic route is a profit engine that brings in 20 to 30 percent of European airlines' revenues.

Damage could be inflicted well into the summer.

Air France-KLM shares, already down nearly 60 percent since the outbreak hit Europe, dropped another 15 percent.

Germany's Lufthansa and IAG, which owns British Airways and Iberia, each fell nearly 10 percent.

Trump's surprise ban will also severely hurt tourism spending in European destinations and the United States.

It excludes Britain, Ireland and other countries outside Europe's Schengen passport-free zone.