Expect more expensive European flights in 2027, Ryanair CEO warns

Ryanair’s CEO has warned that fares for European flights could rise by up to 20% in 2027.

The airline boss was speaking to Euronews when he flagged climbing fuel costs as a major factor for the possible price hike.

Ryanair CEO Michael O’Leary noted that many airlines’ hedging agreements on fuel prices are set to expire in the first months of 2027, meaning that airlines will be forced to buy jet fuel closer to market prices. 

O’Leary said that throughout 2026, Europe’s biggest airline had locked in fuel prices at $67 per barrel, but that price could double by April next year.

After steadily falling from $120 per barrel since Russia’s invasion of Ukraine in 2022, oil prices skyrocketed to $110 per barrel due to the United States’ war in Iran. 

Since last March prices had been gradually declining, but as the US’s war stalled, oil prices once again started climbing and are currently close to $100 per barrel. 

O’Leary’s warning could spell trouble for Malta’s tourism sector, as European tourists account for over half of incoming tourists in 2025, according to the Central Bank.

The rise in global oil prices is leaving its mark locally in the form of speculation on what government is willing to sacrifice in order to maintain its €400 million expenditure on energy and fuel subsidies.

Since 2022, Malta spent around €1.35 billion in subsidies to cushion the blow from rising oil prices. The subsidies