Euroceltic Airways was a short haul airline, founded in 1999 by Diran Kazandjian and taken over by businessman Noel Hanley, the CEO of Global Ocean Technologies Ltd in 2002.

The downturn in the airline market as a result of the 9/11 terrorist attacks in the United States only made things worse.

The Waterford - Luton route has since been taken over by Aer Arann, then Flybe, then VLM Airlines, then dropped) The Euroceltic fleet consisted of two Fokker F-27 aircraft (G-ECAT and G-ECAH), in an all-economy class configuration seating 48 passengers.

The accident was the final nail in the coffin for Euroceltic Airways, and the airline eventually returned losses of €1.1 million.

Many of its routes were subsequently taken over by Aer Arann, and its remaining aircraft (Fokker F-27 registered G-ECAH) was returned to its lessor in Scandinavia.