The aircraft failed to stop on the runway, plunged into nearby Etobicoke Creek, and came to rest, bursting into flames, approximately 300 meters past the end of the runway. The Airbus A340-300 had 309 people aboard 297 passengers (two of them infants, without seats) and 12 crew all of whom survived, with only 12 sustaining serious injuries. The accident highlighted the role played by highly-trained flight attendants during an emergency situation. 

Due to poor weather, 540 flights departing and arriving at Pearson were cancelled. Many small and mid-size aircraft due to arrive were diverted to other Canadian airports in Ottawa, London, Hamilton, and Winnipeg. Most of the larger aircraft were diverted to Montreal, Syracuse, New York, and Buffalo, New York. Flights from Vancouver were turned back. The crash of Air France Flight 358 was the biggest crisis to hit Toronto Pearson since the airport's involvement in Operation Yellow Ribbon. 

The goal is to reduce the occurrence of one of the most common types of air accidents by providing operational and system recommendations to aircraft operators, air navigation service providers, airports, and regulatory authorities. In 2011, 13% of all accidents in European airspace were runway excursions. Globally, runway excursions are 19% of all accidents.