economy
Ryanair has plans for 'armageddon' scenario as CFO warns weaker European carriers may not survive jet fuel crunch
Ryanair said it has plans for an "armageddon situation," amid the jet fuel crisis.
TL;DR
- Ryanair has prepared for an "armageddon situation" related to the jet fuel crisis.
- The airline's CFO believes weaker carriers may not survive the winter due to the crisis.
- Ryanair has hedged 80% of its summer fuel at $668 per metric ton.
- The company reported a 40% increase in profit after tax to nearly 2.3 billion euros for the year ending in March.
- Ryanair's revenue fell 11% to 15.54 billion euros.
- Ryanair is not planning for cancellations despite volatile fuel prices.
- Ryanair CEO Michael O'Leary predicted "real failures" for other airlines if jet fuel prices remain elevated.