Ryanair warns: flights in Europe will become up to 20% more expensive

Ryanair CEO Michael O'Leary warns of a 10% to 20% increase in flight prices across Europe in the coming year, due to high fuel costs and reduced seat supply. The warning was given at a press conference in Brussels, where he announced the cancellation of 20 routes from Belgium.

Ryanair CEO Michael O'Leary warns of a 10% to 20% increase in flight prices across Europe in the coming year. The warning was issued at a press conference in Brussels, where O'Leary announced the cancellation of 20 routes from Belgium following the local government's intention to raise aviation tax. The main reasons for the price hike are high fuel costs, partly due to the war in Iran, and a reduction in seat supply as a result of bankruptcies and mergers in the industry. O'Leary noted that Ryanair has hedged only 15% of its fuel costs for next year at $85 per barrel, while current market prices are double that. The price increase is expected to directly affect Israeli travelers, who will have to pay more for vacations in Europe.