The recovery in air travel across Europe has been a turbulent and two-speed affair, with the low-cost carriers leaving pandemic-related troubles in their wake while so-called flag carriers struggle to get back off the ground.
Intra-European travel, which was still around 30 per cent below pre-pandemic levels in the first quarter of the year, closed last week just 13 per cent lower than in 2019, according to the European Organisation for the Safety of Air Navigation, known as Eurocontrol.
Low-cost, short-haul carriers are making the biggest gains. Ryanair (IE:RYA), Europe’s biggest airline, is currently operating 8 per cent more flights than it did in 2019 – averaging 2,532 per day for the year to 29 August. Its capacity schedule for the third quarter is at 112 per cent of 2019 levels, according to BofA Securities.