Many travel terminals in Europe stand eerily empty that after Britain imposed a more stringent locked down over the weekend, the rapid spread of a new strain of the coronavirus lead countries from Germany to Canada to ban travelers from Britain.

European shares slumped on Monday in response, the pan European Stocks 600 index slid around 2%.

European neighbors, including Germany, Italy and the Netherlands, ordered a suspension of flights from Britain, while France's ban also included freight carriers, whether by road, air, sea or rail.

No surprise that travel stocks took the news badly, shedding 5.5% in morning trade on on course for their worst day in three months.

EasyJet and British Airways owner I A G both slid around 9%.

Oil majors also led losses in Europe as the new restrictions spurred worries about a hit to demand weighing on crude prices.

US and international benchmark crude prices were down around 4%.

The new coronavirus strain is up to 70% more transmissible than the original and it couldn't come at a worst time.

A Brexit trade deals still hangs in the balance with little time remaining to secure a deal.

Sterling slumped nearly 2% against the dollar on Monday.

Trade talks between Britain and the EU were expected to continue on Monday, with just days to go until a transition period expires at the end of the year.