Ryanair, the low-cost airline, expects air travel in Europe to remain low for several years, AP reports. Ryanair shares fell 4% on Monday, July 27. Stock prices of other travel industry companies also fell on concerns over new travel restrictions in Europe.
“The low-cost carrier expects that over the next two to three years the situation with air travel in Europe will continue to be problematic,” the message reads.
According to the company, the pandemic has hurt its revenues and travel restrictions have led to a 99% drop in number of passenger. Ryanair has called the second wave of coronavirus pandemic its “biggest fear.”
Travel restrictions have led to a sharp decline in the number of tourists.
Read also: Bulgarian airline launches flights to Ukraine.
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