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According to the CEO of Ryanair, airfare prices in Europe will increase by 5-10% during the summer season.
Michael O’Leary, the CEO, informed the media that summer 2024 fares would increase compared to those in summer 2023.
“We are creating our financial plans with a projected fare raise of 5-10%.”
According to Mr. O’Leary, Ryanair experienced a 17% increase in their average air fares last year.
There appears no sign of any dampening of post-Covid demand for travel. In normal circumstances airlines would increase capacity in response – but the supply of seats is seriously constrained by problems affecting both the main aircraft manufacturers, Airbus and Boeing.
Ryanair is Europe’s biggest budget airline, and flies only Boeing 737 aircraft. Its plans for summer 2024 were based on the delivery of 57 new planes by the end of March. But Mr O’Leary said: “It could be 45. It could be 40. We’re genuinely not sure.”
The amount of air travel managed by Eurocontrol is still noticeably lower than it was in 2019. From February 12th to 18th, there was an 8% decrease in traffic compared to the same period before the pandemic, although Ryanair has surpassed its pre-pandemic numbers.
Boeing has faced setbacks in increasing the number of 737 Max aircraft deliveries due to an incident in January where a door plug on an Alaska Airlines Boeing 737 Max 9 unexpectedly came off mid-flight after departing from Portland, Oregon. While the plane was able to land safely, the FAA has imposed strict quality control measures that prevent a rise in deliveries.
Earlier this month, Dave Calhoun, the president and CEO of Boeing, stated that an incident of this nature should not occur on an airplane that has been manufactured by our company.
“We have a responsibility to improve our service for our customers and their passengers. Therefore, we have developed a thorough plan to enhance the quality and instill trust in our stakeholders.”
Wizz Air, the third largest budget airline in Europe, is currently experiencing a deficit in available planes. Similar to other regional airlines in Europe, it operates Airbus A320 series aircraft, some of which are equipped with Pratt & Whitney GTF engines. There has been a concern raised by the engine manufacturer about potential contamination in the powder metal material used for important parts. As a result, the engines must undergo an earlier inspection, requiring them to be removed, disassembled, and reassembled by specialized teams.
Wizz Air informed investors that it may need to temporarily suspend 10% of its fleet. The UK’s managing director for the carrier, Marion Geoffroy, stated that Wizz Air would have the same amount of seating availability as last summer.
However, she informed The Independent, “Once the situation is back to normal in 2025, we can expect a significant expansion.”
The German airline group Lufthansa has announced that it expects to have approximately 20 aircraft out of service during the summer.
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Source: independent.co.uk
