Flights are starting to resume from southern Australia after two days of cancellations due to ash Qantas also reported a pre-tax profit for the year ending 30 June 2011 in the range of A$500-550m.
The airline has been hit by disruptions due to ash erupting from a volcano in Chile for the second time this year.
The settlement is in connection with a Qantas A380 plane that suffered an uncontained engine explosion shortly after take off from Singapore on November 4 last year.
The engine was a Rolls-Royce manufactured Trent-900.
Qantas initially grounded all six of its Airbus superjumbos after the blast.
The airline continued to face problems this year, first from the floods and cyclones in Queensland, and more recently from an ash cloud.
Flights are starting to resume on Wednesday from airports in southern Australia, after two days of cancellations left thousands stranded.
Qantas estimates that, as of Monday 20 June, disruption caused by the volcanic ash will have cost the company A$21m.
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