Ryanair to ground bulk of its fleet from next week

Ryanair shares fell by over 5% as the airline confirmed its intention to ground the vast majority of its fleet of planes in response to the spread of Covid-19.

Ryanair said it expects to ground most, if not all, of its flights from March 24 except a very small number mostly between Britain and Ireland to maintain essential connectivity.

Ryanair said this week it would ground most of its aircraft over the next seven to 10 days as Europe’s biggest low-cost airline braced for an up to 80% cut in capacity over the next two months and the possible grounding of its entire fleet due to coronavirus travel restrictions.

“Ryanair will continue to stay in close contact with the foreign ministries of all EU governments on the repatriation of EU citizens, and where possible we may operate rescue flights to support this repatriation,” the airline said.

Meanwhile, US airlines are seeking to quickly reduce workforces through early retirement packages or unpaid leave of up to 12 months with medical benefits in an effort to cut costs as the rapid spread of the virus keeps people from flying.

Moves by American Airlines and Delta are being seen as a further sign that airlines do not expect a quick rebound to depressed travel demand and must save costs.

Additional reporting Reuters