Ryanair boss warns of ‘dramatically higher’ air fares next summer

Ryanair boss Michael O’Leary has warned prices will hike as passengers rush to holiday in Europe next summer (PA) (PA Wire)

Ryanair boss Michael O’Leary has warned that prices will increase as passengers rush to holiday in Europe next summer.

Mr O’Leary said this huge demand for holidays would coincide with fewer flights, meaning a price rise for flights and also for hotels.

In an interview with The Sunday Times, he said: “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.

Ryanair boss Michael O’Leary (Jonathan Brady/PA) (PA Wire)

“Take out Thomas Cook (six million seats), Flybe (eight million seats), Norwegian (nearly 24 million seats) – Alitalia’s reducing its fleet by 40%. There is going to be about 20% less short-haul capacity in Europe in 2022 with a dramatic recovery in demand.”

Ryanair prices will be cut this winter, to “grab market share everywhere”, Mr O’Leary said.