"Ryanair" CEO: Europe is expecting the most significant airfare increase next year

Next year, Europe is expecting the most significant airfare increase in its history, announced Michael O'Leary, CEO of the low-cost airline "Ryanair", on Tuesday.

O'Leary stated at a press conference in Brussels that ticket prices could rise "by 10, 15, or perhaps even 20 percent".

The CEO of "Ryanair" noted that flying will not only become more expensive next year but also more complicated. He mentioned airline bankruptcies and mergers as some of the reasons that, according to him, will lead to a decrease in the number of available passenger seats. Airlines also find it challenging to insure their assets against fuel price increases.

The armed conflict in the Middle East related to Iran and the blockade of the Strait of Hormuz has led to a sharp rise in aviation fuel prices, noted the news agency "Reuters".

O'Leary told journalists that "Ryanair" and other European airlines have successfully insured themselves against the increase in aviation fuel costs until 2026, but from April 2027, most of these airlines will no longer have effective fuel procurement hedging contracts.