EasyJet warns its margins are down to £6.08 per passenger as airlines cut millions of winter seats

From the Newshound archive · first published 10 October 2026 · last updated 11 October 2026.

Ryanair chief Michael O'Leary called the situation "a full-blown crisis" and warned every airline will be "hurting next year". Global industry body Iata estimates rising fuel costs will hit the sector with an extra $100 billion bill this year, with prices showing no sign of falling before 2028.

EasyJet's profit margin has collapsed to as little as £6.08 per passenger, meaning any further fuel price spike could make flights unviable.

Jet fuel has surged from roughly $90 per tonne a year ago to around $208 now, with Ryanair already axing Tuesday and Wednesday flights to cut costs.

AirBaltic has filed for bankruptcy and Spirit Airlines stopped flying in May, raising fears more carriers could go bust before winter ends in March.