Ryanair flights could get a whole lot more expensive in the coming months according to the company’s boss as the energy price crisis and issues of surging inflation continue.
Michael O'Leary issued the stark warning earlier today when speaking about the future of air travel in a post-Covid world.
He claimed the continuing travel boom will be badly hit by the widely anticipated recession and said he believed that a number of airlines would struggle to survive with this added to the rising cost of fuel and energy.
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Speaking during the launch of Ryanair's UK winter flights schedule, he said: “You would be crazy not to be worried about a looming recession and the energy crisis. But people will not stop flying.
“Many people have to fly for work and for weddings or funerals, and in a recession people get much more price sensitive. Some people may travel less, but we’ll see more people trading down to the lowest-fare operator which is us.
“The question is not can people afford to fly but can people afford to fly with British Airways or Lufthansa? The overall market will struggle. The market in 2023 and 2024 will not return to pre-Covid levels."
He went on to warn: “A recession will significantly dampen the overall traffic recovery post-Covid. A lot of capacity is not coming back. Wizz Air is reducing winter capacity by 25 percent.
“A recession will take out more of the competition. It’s inevitable that fares will go up. High oil prices mean they have to go up. There will be pressure on airfares into summer 2023.
“The energy crisis will affect the whole of Europe this winter. Where does inflation finish up? It depends how deep and dark the recession is and where the oil price settles.”
Despite the grim outlook on the sector as a whole, he predicted Ryanair would continue to grow and said: "We’ll grow as we’re the lowest-cost airline and have game-changer, fuel-efficient Boeing 737 Max aircraft. It’s full steam ahead in what is a favourable market for us.”
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