The cost of holidaying abroad is set to be “dramatically higher” next summer, the boss of Ryanair has warned.
Michael O’Leary has said that demand for travel will see a huge increase as passengers rush to holiday in Europe, with the spike in interest coinciding with fewer flights, meaning a rise in costs for both flights and hotels.
What did Michael O’Leary say?
In an interview with The Sunday Times, Mr O’Leary said: “I think there will be a dramatic recovery in holiday tourism within Europe next year.
“And the reason why I think prices will be dramatically higher is that there’s less capacity.”
Many airlines have been forced to reduce their fleets due to the pandemic which will likely increase prices.
Mr O’Leary added: “Take out Thomas Cook (six million seats), Flybe (eight million seats), Norwegian (nearly 24 million seats) - Alitalia’s reducing its fleet by 40%.
“There is going to be about 20% less short-haul capacity in Europe in 2022 with a dramatic recovery in demand.”
Despite an increase in prices next year, there is some good news for those who are wanting some winter sun this year as Mr O’Leary has confirmed Ryanair will cut its prices this winter in order to “grab market share everywhere”.
His warnings come as reports have recently surfaced of the government’s plans to scrap the UK traffic light system from next month, a system which has caused much confusion.
The next travel review is expected to be held on Thursday 16 September with any changes likely coming into effect at 4am on the following Sunday or Monday.
This article originally appeared on our sister site, NationalWorld.