Ryanair boss Michael O’Leary has warned that the budget airline’s trademark one euro and 10 euro fares will not be seen for a ‘number of years’ due to soaring fuel prices.
The statement comes as hard-hit British holidaymakers face the biggest squeeze to their living standards in 60 years.
Mr O’Leary said he expects Ryanair’s average fare to rise by about €10 over the next five years, from around €40 (£33.75) last year to roughly €50 by 2027.
He also claims that ‘many millions’ of people will ditch the likes of British Airways and EasyJet as flight prices rise across the sector.
Speaking to BBC Radio 4’s Today programme, Mr O’Leary said: “I don’t think there’s going to be €10 flights anymore because oil prices are significantly higher as a result of the Russian invasion of Ukraine.
“Our average fare, which last year was 40 euros… we think that €40 will need to edge up to €50 in the next five years.
‘There’s no doubt that at the lower end of the marketplace, our really cheap promotional fares – the €1 fares, the €0.99 fares, even the €9.99 fares – I think you will not see those fares for the next number of years… we think people will continue to fly frequently, but I think people are going to become much more price sensitive and therefore my view of life is that people will trade down in their many millions.”
Speaking on the recent travel chaos at airports across the UK and EU, Mr O’Leary said he had ‘very little sympathy’ for them. He claims they knew the airline’s schedules months in advance. He also accused Heathrow, which has been one of the worst affected airports of ‘mismanagement’.