During an interview with the Italian newspaper Il Sole 24 Ore, Ryanair CEO Michael O’Leary shared his outspoken opinions concerning the impact of the jet fuel crisis on European aviation. According to O’Leary, two or three European airlines could go bankrupt during the winter of 2026. The U.S.-Israel war on Iran has had a devastating impact on the global aviation industry so far. Increasing air fares, reduced flight schedules, and a potential fuel shortage are causing many airlines to review their projections for the coming year.
In an interview with the Italian newspaper Il Sole 24 Ore, Ryanair CEO Michael O’Leary spoke openly about the subject. He stated that Ryanair paid an extra $50 million (€42.6 million) in fuel costs in April 2026 alone – if the fuel price were to remain at $150 a barrel, the total added cost could thus amount to $600 million in a year. “No one knows what will happen. At the moment, what seems clear is that if the war were to end in late April or early May, there would be no problems with fuel supplies over the summer, but if it were to continue, we don’t know,” the CEO told Il Sole 24 Ore.
While the CEO doesn’t seem to worry about Ryanair’s growth, despite the crisis, he claimed that it could mean the end for several competitors. “If oil stays at these levels, two or three European airlines in October or November could go bankrupt like Wizz Air, which wants to sue me but won’t have enough time to do so, and airBaltic. A good thing for our business’ because there will be fewer competitors,” Michael O’Leary said during the interview.
It is not the first time for the CEO to be questioning Wizz Air’s viability. During an interview with The Mail on Sunday back in 2019, O’Leary already stated he thought the airline would be taken over within a few years.
Reactions following the interview
Following the interview, Il Sole 24 Ore and Wizz Air accused O’Leary’s statement of being “flatly untrue and false”. “Wizz Air has a strong balance sheet, substantial liquidity, and funds its aircraft 18 months in advance, with leasing companies and other financiers competing strongly for every opportunity. This is a business with clear stability. Wizz Air is one of the best hedged airlines in the industry against the rapidly changing fuel prices, while our fleet is already 75% A320neo family aircraft, providing a structural cost advantage compared to any other airline in Europe through significantly lower fuel burn and greater efficiency”, a Wizz Air spokesperson told Euronews Travel.
airBaltic, the Latvian flag carrier, has not yet responded to O’Leary’s claims. However, Latvia’s parliament recently approved a €30 million short-term loan to airBaltic, which has to be paid back by 31 August 2026. Despite the loan, financial information company S&P Global reported to have lowered its long-term issuer credit rating on Air Baltic Corp. AS to ‘CCC+’ from ‘B-‘ due to the airline’s strained liquidity position.
