Very interesting question. If the action results in harm, then it is wrong. Of course, each person involved or effected in that area would have to come up with a voluntary solution.
As far as who has a private property claim to the air above, for example, their house, it seems logical to have the air above and the ground below included in the property.
There's a gray area here, because the atmosphere isn't static and it will move from your property to my property one way or another. So it isn't yours but common, the same as river going through your property and then mine. If you change it's direction, stop it or polute it, it will affect millions of others even though you meant no harm to them directly.
Great point. I think if someone does something in the air over their property that causes harm to others, then they should be held accountable. These things would need to be worked out by individuals and I'm sure all sorts of innovative, voluntary solutions would be found.
Also, another question to think about would be.....if the claim is made that someone doesn't have property rights to the air above their land, then who would have claim over it? Who would take responsibility for that air space?
The space above your property is much different from the atmosphere above it. The space is yours but the atmosphere is public property.
You can do anything with the space but you will need public approval for the atmosphere to be changed. Basically all your neighbours in the affected area.