The boss of airline Ryanair has said the cost of a plane ticket is “too cheap” – and they must increase to keep the industry alive.
Michael O’Leary believes the price of flights are likely to soar over the next five years due to the rising cost of fuel and environmental challenges they face.
Speaking to the Financial Times, Mr O’Leary took the blame for the issue.
Ryanair CEO Michael O'Leary claims air travel is ‘too cheap’ YVES HERMAN
“It’s 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.
“It has been my doing [taking prices so low]. I made a lot of money doing it. But ultimately, I don’t believe air travel is sustainable over the medium term at an average fare of €40 (£34). It’s too cheap at that. But I think, you know, it will still be very cheap and affordable at €50 and €60.”
It comes as British Airways and Heathrow Airport welcome measures to help airlines prevent last-minute flight cancellations over the summer.
Government regulations will allow a one-off “amnesty” on airport slots rules, enabling airlines to plan ahead and deliver a more realistic summer schedule with a view to minimising disruption at airports.
Michael O’Leary say flight prices are likely to soar over the next five years Albert Gea
Airlines will be able to cancel flights without being penalised for not using their airport slot, but must finalise their summer schedule by this Friday.
It is understood that flights cancelled or removed from airline schedules after the Friday deadline will not fall under the slot amnesty.
Slots are used to manage capacity at the busiest airports, giving airlines authorisation to take off or land at a particular airport at a specified time on a specified day.
Airlines must use slots a certain amount of times each season in order to keep them, and this “amnesty” is giving them the leeway to put a more manageable schedule in place without the risk of losing a slot due to cancelling flights