This archive report was first published on 23 December 2021.
On December 23, 2021, low-cost airline Ryanair announced that the Omicron coronavirus variant would significantly impact its financial performance.
The airline now expects a loss of between €250-€450 million in its financial year ending March 2022, up from an earlier forecast of €100-€200 million.
According to Ryanair, the Omicron variant and recent government travel restrictions across Europe have weakened Christmas and New Year bookings, causing the airline to cut its planned January schedule capacity by 33%.
As European nations tighten travel restrictions and reimpose restrictions on gatherings, Ryanair has not made any decisions yet on cutbacks to its February or March schedule.
The airline's new loss forecast is highly sensitive to pandemic developments, and it hopes to have more clarity about the impact of Omicron on travel within Europe by the time it presents its third-quarter results on January 31.
