It is music to the ears of keen travellers, Ryanair head honcho Michael O’ Leary has announced that there will be a substantial fall in fares over the next ten years.
Today, Ryanair Chief Executive O’Leary revealed that the airline plans to cut flight prices by 20 per cent in five years and a further 20 per cent in 10 years (taking it to 40 per cent).
The news comes following Monday’s lucrative €17 billion deal with Boeing.
O’ Leary made the announcement at Dublin Airport as Ryanair received the delivery of a 737-800, the first of its 175 planes that were ordered from Boeing last year in a separate deal worth €12.4 billion.
According to RTÉ News, O’Leary dismissed the criticism of the Irish Aviation Authority (IAA) over the proposal of airport charge cuts.
An indication of the cuts in airport charges by 22 per cent over five years was made in a draft report by The Commission for Aviation Regulation, which the IAA criticised for being misguided.
The IAA also accused the proposal of having the ability to cause stagnation in growth at the airport.
O’ Leary added that he did not want a refurbishment of Terminal One and there was no justification to further “madcap” capital expenditure.
