Yahoo Finance Ryanair commits to being first airline to return to Ukraine as it launches new routes
Ryanair (RYA.IR) has announced it will be the first airline to return to Ukraine and urged travellers to book their holidays early to other destinations as prices are set to rise during summer peak.
Chief executive Michael O’Leary said it will return to the eastern European country “when it’s safe to do so” but warned that might not be until the winter.
The airline was the largest to serve Ukraine before the country closed its airspace last week following Russia’s invasion.
Speaking at a press conference in London, O’Leary said: “We do want to see the Ukrainians succeed.”
He added that the best way to punish Russia would be for the West to “drive down the price of oil”.
This Wednesday, the price of international benchmark oil Brent crude rose to over $110 per barrel, its highest level since 2014.
Ryanair boss said most airlines will find the coming year “very difficult” with surging oil prices.
Read more: Oil surges past $110 sparking fears of further hikes in petrol and diesel prices
The low cost airline said it had hedged about 80% of its fuel needs until March 2023 so it would be able to pass on low oil prices and fares to customers. But not every airline has done the same to protect from high oil prices.
"I think it's going to be very difficult for most airlines for the next 12 months,” he said.
Asked about the impact of the war on demand to fly to and around eastern Europe, O’Leary told reporters: “I think you will not have a dramatic impact on bookings as long as the period of war doesn’t escalate and spread elsewhere.”
He added that industry short-haul capacity would be down around 10% this summer, driving higher fares, adding that Ryanair would not introduce fuel charges for the summer.
Ryanair expects average air fares during this year's summer peak season to be significantly higher than pre-COVID ticket prices in the same period in 2019.
O'Leary told reporters that the airline still expected prices to be lower than 2019 levels from March to May but said they would increase starting from June, when schools will shut for holidays and families travel abroad.
Ryanair also announced its largest summer schedule from its three London airports, Gatwick, Luton and Stansted.
Read more: What Ukraine invasion means for consumer prices in the UK
The airline is introducing 14 new routes from the airports to destinations such as Naples, Madeira and Stockholm.
Ryanair chief executive Michael O’Leary said: “We are pleased to announce 14 new routes from our three London airports, Stansted, Luton and Gatwick.
The new destinations are Burgas, Catania, Helsinki, Lublin, Maastricht, Madeira, Menorca, Naples, Orebro, Stockholm, Tampere, Tangier, Trapani and Vaxjo in Sweden.
“As all COVID-19 travel restrictions have now been lifted, UK citizens and visitors can book a well-deserved summer getaway to exciting destinations such as Helsinki, Madeira and Naples.
“Ryanair is driving London’s post-COVID recovery as we grow across Europe, with new aircraft and new routes.”
O’Leary also said he would like to see the end of masks on planes by the end of April or May.
Watch: Airline refunds: What are your rights as a consumer?
