Ryanair has resumed its flights since 1 July, a crucial period with holiday departures and a month in which the company is expected to operate at 40% of its usual capacity, before climbing to 70% in September.
The company expects to carry only 60 million passengers over its entire 2020-2021 financial year (ending at the end of March), which would be a drop of 60%.
To cope with the shock of the pandemic and a demand that is expected to be low for a while, the group recently announced a restructuring plan that involves cutting 3,000 jobs, or 15% of its workforce. In Belgium, Ryanair has announced the dismissal of more than 80 people.
The airline has reached agreements with trade unions to reduce salaries, as it did in the United Kingdom and Germany, which should make it possible to limit job cuts.
The group says it has one of the strongest cash flows in the sector, at €3,9 billion, which it is preserving by reducing costs and expenses.
The airline is unable to give a target for results over the financial year, it said, adding that “a second wave of Covid-19 cases across Europe in late autumn (when the annual flu season commences) is our biggest fear right now.”
However, it expects a smaller loss in the next quarter compared to the previous quarter thanks to the recovery in traffic.