PLAY airlines was a real Icelandic low-cost carrier, but as of September 29, 2025, it has ceased all operations. Launched in 2021 by former executives of WOW Air, the airline operated a fleet of red Airbus A320neo and A321neo aircraft, connecting Europe and North America through its hub at Keflavík International Airport. Despite carrying over 1.6 million passengers in 2024, the airline collapsed due to poor ticket sales and rising operational costs in late 2025. Passengers scheduled to fly with PLAY in 2026 are advised to contact their credit card issuers for refunds or check for coverage under "Scheduled Airline Failure Insurance" (SAFI). The grounding of PLAY has left a significant gap in the "budget transatlantic" market, which was its primary niche, often serving secondary airports like London Stansted and New York Stewart.