The “Ryanair” CEO: Airfares in Europe could rise by 20% next year

Airfares in Europe could rise by 20% next year due to rising fuel prices amid the war in the Middle East.

The “Ryanair” CEO Michael OʼLeary said this at a press conference, Bloomberg reports.

According to OʼLeary, Europe could face the biggest increase in airfares in history. But even the price increases may not compensate airlines for the sharp increase in fuel prices. This will reduce their profitability.

The head of “Ryanair” also said that most European airlines, including his company, have not sufficiently protected themselves from rising fuel prices in 2027. Additional pressure on the industry is being created by tax increases and a reduction in the number of flights due to financial difficulties.

OʼLeary said “Ryanair” would reduce its presence in France and Belgium in response to the tax hikes. He also predicted further airline consolidation as weaker players find it harder to operate at high costs.

• Airlines around the world have been facing soaring jet fuel prices amid the Iran war, which has been ongoing since late February.
• “Ryanair” previously said the conflict had hit its profits and forced passengers to book later due to concerns about fuel supplies.

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