Ryanair chief warns fares will rise for 5 years
Ryanair chief warns fares will rise for 5 years because flying is ‘too cheap’
Ryanair boss Michael O’Leary, the pioneer of low-cost travel in Europe, has warned fares will rise for the next five years because flying has become “too cheap” to make profits as industry costs spiral. His warning comes as ticket prices have risen in Europe and the US this summer as passengers return and some airlines cut capacity because of staff shortages. “It’s got too cheap for what it is. I find it absurd every time that I fly to Stansted, the train journey into central London is more expensive than the air fare,” he said in an interview with the Financial Times. He said he expected a combination of high oil prices and environmental charges to push the average Ryanair fare up between 25 percent to 50 percent over the medium term.