A (totally unconfirmed so far) rumor has surfaced on the Professional Pilot Rumor Network that a British Airways 747 flight has suffered a twin engine failure over north UK, and was forced to divert for an emergency landing in Ostende, Belgium.

From the forum:

(unconfirmed) 747 diversion with two engines shut down? Just heard that in the north of the uk a BA 747 has had a twin engine shut down, and diverted? From a mil source, but no further info, can anyone confirm or deny? Further details, landed in Ostend with engine damage.... I cannot reveal sources for fear of reprisals in my line of work, but a 747 has definatly landed with engine damage in Ostend.... As said, the original post was the first rumblings, all info since had come from a very well placed source. Unsure on other details but it has impacted where I work, flying seems to have been halted again.

We will keep you updated as this rumor is either confirmed or denied. Of course, should this prove true, the implications for further airspace shutdowns will be severe.

Update: It appears that the airline in question is World Airways and the plane is a cargo MD-11:

It should be noted that the World Airways MD-11 came from further afield, unloaded freight at Maastricht and then positioned at relatively low level (probably somewhere between FL160 and FL220) to Ostend (about 25 mins flying).

Business Insider picks up on this thread and posts an email exchange with the CEO: