> I imagine air traffic over Belarus can be avoided with minimal financial losses and Belarus itself only generates a small amount of traffic
The ban is for Belarusian airlines over EU members countries. The one who is being targeted to be "financially hurt" is not the EU countries themselves but the Belarusian airlines. I'm sure they'll feel the impact very soon, as they'll basically need to cancel every flight unless it goes to Russia.
It's probably going to be both ways, though. I can't imagine Belarus not retaliating (though the EU has already decided to avoid their airspace, anyway).
The ban is for Belarusian airlines over EU members countries. The one who is being targeted to be "financially hurt" is not the EU countries themselves but the Belarusian airlines. I'm sure they'll feel the impact very soon, as they'll basically need to cancel every flight unless it goes to Russia.