The chief executive of Europe’s largest low-cost airline has said that cheap travel will not return even after the summer holiday season is over, and that the era of super cheap tickets is over.
The CEO of Ryanair, the largest airline in Europe by number of passengers, said: The era of air travel Too cheap is over.
“I don’t think there will be 10 euro flights anymore, because oil prices are much higher as a result of the Russian invasion of Ukraine,” Michael O’Leary said on BBC radio.
The average ticket price on low-cost Ryanair last year was only 40 euros, but O’Leary confirms that these prices will rise and will no longer be available in the market later.
“We think €40 should go up to about €50 over the next five years. So the average fare of £35 in Britain will probably go up to £42 or £43,” he added.
Ryanair is known for fast, low-price sales, but these prices are now believed to be unsustainable in the current conditions, O’Leary says.
“There is no doubt that at the lower end of the market our cheap promotional rates of 1 euro, 99 cents and even 9.99 euros, I think we will not see those prices for several years to come,” says the CEO.
Ryanair said it is currently operating as usual with “no plans to limit passenger numbers” in the past few months that have been chaotic for airports and airlines.
Europe’s major airlines have made adjustments to their schedules due to strikes and staff shortages.
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