Ryanair doubles forecast of full-year losses as Omicron spread hits bookings

Ryanair has warned its losses this year could be more than double what it feared and has slashed flying schedules in response to the rapid spread of the Omicron coronavirus variant and travel restrictions across Europe. The low-cost carrier on Wednesday issued guidance forecasting losses for the financial year ending in March to rise from between E100m and E200m to a range of E250m-E450m. In a sign of the uncertainty facing the industry, Ryanair also warned the new forecast was “hugely sensitive to any further positive or negative Covid news flow”. The sudden emergence of the variant has “notably weakened close-in Christmas and New Year bookings”, Ryanair said in a statement. The warning is the most detailed information yet on how travel bans have hit bookings across what is normally a busy period for European airlines. Industry executives had been hoping that the worst of the crisis was well behind them and celebrated the steady easing since the summer of most travel restrictions, including expensive testing. Instead, the outlook has again darkened nearly two years into the crisis for aviation. Ryanair pointed in particular to the decisions by French and German governments to ban most travellers from the UK, and the suspension of all EU flights to and from Morocco. In response, the airline said it expected to carry fewer passengers than forecast in December, and cut its January flying schedules by 33 per cent. Taken together, Ryanair said it expected to carry “just under” 100m passengers in its financial year, down from its previous guidance of above 100m. The airline has not yet decided whether to cut flight plans for February and March, but said it would revisit its schedules “as more scientific information becomes available”.<br/>