European airfares to rise by up to 20% next year, Ryanair CEO says amid fuel cost pressures

European airfares are likely to rise by as much as 20% next year, Ryanair CEO Michael O’Leary said Tuesday, citing airlines that remain largely unhedged against higher jet-fuel costs. Speaking in Brussels, O’Leary forecast fewer seats due to bankruptcies and takeovers, with fares increasing “10, 15, maybe 20%” over the following 12 months. He linked the pressure to sharply higher jet fuel prices driven by the Iran war, squeezing margins, and said Ryanair had strong hedges for 2026: 80% hedged at $67 per barrel to March 2027 when the conflict began late February. O’Leary said that by April 2027, most European airlines had little hedging, while Ryanair had 15% of fuel costs next year at $85 per barrel. He also announced plans to cut 20 routes and remove more than one million seats from Belgium’s winter schedule, as it raises an aviation tax to €7 in January from €2. Separately, O’Leary said he was optimistic U.S. certification of the Boeing 737 MAX 10 will be completed this month, and referenced an FAA approval expected Tuesday after a navigation-software glitch delayed certification.