Ryanair is planning to cut up to 3,000 jobs – mainly pilots and cabin crew – while remaining staff face unpaid leave and a salary reduction of 20%, as a result of the coronavirus pandemic.
According to the low-cost airline, it will certainly take until Summer 2022 that passenger figures will return to pre-crisis level. Until end July 2020, the Boeing 737-fleet will remain grounded.
Ryanair expects a loss of €100 million in 1Q 2020, but the financial impact on the second quarter – holiday months – will be a lot worse. The Irish airline will temporarily close part of its European bases until air traffic recovers. The airline is in negotiations with Boeing to review previous orders.
CEO Michael O’Leary has extended his 50% pay cut until end of March next year.