Michael O'Leary warns airline fares will continue to rise for five years

James Cox

Ryanair boss Michael O’Leary has warned that airline fares will continue to rise for the next five years because flying has become "too cheap".

Passengers have already been impacted by rising prices and Mr O'Leary expects more of the same.

In an interview with the Financial Times, he said: “It’s got too cheap for what it is. I find it absurd every time that I fly to Stansted, the train journey into central London is more expensive than the air fare."

He said the average Ryanair fare will move from €40 to between €50 and €60 in the medium term.

Mr O'Leary cited a number of factors including high oil prices and environmental charges.

“It has been my doing [making air travel cheap]. I made a lot of money doing it. But ultimately, I don’t believe air travel is sustainable over the medium term at an average fare of €40. It’s too cheap at that. But I think, you know, it will still be very cheap and affordable at €50 and €60," he told the FT.