Ryanair considers pay freezes and warns of double-digit fare rises with its fuel bill set to soar €2bn
Ryanair hedged 80 per cent of its fuel at €67 a barrel until March 2027, but the unhedged 20 per cent contributed to a ten per cent rise in costs.
Ryanair's pre-tax profits fell 16% to €2.4bn in the six months to September, with jet fuel costs jumping 15% after aviation fuel prices more than doubled to $196.70 per barrel since the outbreak of the US-Israel war with Iran.
CEO Michael O'Leary said European airlines face 'double-digit' fare increases next year, but admitted he doubts Ryanair can reach the 20% rise needed to fully cover its soaring fuel bill.
The airline has hedged 80% of its fuel at $67 a barrel until March 2027, but that protection fades next financial year, leaving it exposed to a €2bn cost surge.
O'Leary warned that some European rivals could collapse under the pressure, saying Ryanair would do 'whatever we can to survive this'.
