The Guardian - Kalyeena Makortoff
Michael O’Leary warns of rising cost of fuel and says policymakers need to get inflation back to about 2%
The boss of Ryanair has warned the era of ultra-low airfares is over and said Brexit is partly to blame for a shortage of airport workers that has created chaos during the peak holiday period.
The airline’s chief executive, Michael O’Leary, said surging oil prices would make it impossible to keep offering promotional tickets for less than €10 (£8.50). He added that Ryanair’s average fare would rise from about €40 towards €50 over the next five years as the company adjusted to rising inflation.
“I don’t think there are going to be €10 flights any more because oil prices are significantly higher as a result of the Russian invasion of Ukraine,” O’Leary told BBC Radio 4’s Today programme.
“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.”