Chief Executive Officer Michael O’Leary previously said that ticket prices would remain elevated for the next five years because of higher oil prices and environmental charges. Ryanair, which has built its business model around ultra-cheap flights, said in May the typical €9.99 ($11) fare could double in price as summer demand skyrockets and because of a supply backlog caused by a shortage of planes.

The proposed fare stimulus comes as Ryanair expands its fleet with plans to take on an additional 173 aircraft by the end of March. Ryanair, which had 558 aircraft on June 30, announced a deal this year for as many as 300 Boeing 737 Max jets worth $40 billion. It comes as the Irish firm targets 30% of the European air-travel market by 2034. 

Eoin Treacy's view

Will post-pandemic demand return to the pre-pandemic norm? Most estimates suggest the triumph of linear thinking is unchallenged. When business is poor, they suggest it will continue lower. When it rebounds, they think higher prices are sustainable indefinitely. The truth is a lot more cyclical.