Ryanair boss Michael O’Leary has warned that the cost of flying will be “dramatically higher” next summer as holidaymakers return to their favourite European destinations.
In an interview with the Sunday Times, the outspoken Ryanair CEO said prices would rise in accordance with demand and that there would be fewer flights.
“I think there will be a dramatic recovery in holiday tourism within Europe next year. And the reason why I think prices will be dramatically higher is that there’s less capacity,” he said.
O’Leary predicts that the disappearance of Thomas Cook and Flybe, coupled with the downsized restructuring of Norwegian and Alitalia will mean short-haul capacity in Europe will be reduced by 20 per cent.
He also said that increasing environmental taxes would add extra costs onto the cost of a flight.