Ryanair shares rise despite Charleroi setback

Ryanair share prices have risen by around 10% on the Stock Exchange in Dublin this morning, despite the fact that the airline was ordered to repay millions of euros in illegal subsidies it received from the Belgian authorities.

Financial analysts said the EC ruling in relation to the discounts Ryanair receives from Charleroi Airport was not as bad as originally feared.

The airline was ordered to repay around €4.5m in illegal subsidies it received from the authorities in Charleroi, but this figure could have been as high as €15m.

Ryanair claimed the decision would force all airlines to raise their fares.