'With oil prices at $90 a barrel and fear of recession in the UK and many other European economies, the current outlook for the coming fiscal year is poor. While it is impossible to accurately forecast full year fuel prices and yields this far in advance, there is now a significant chance that profits may decline next year,' Mr. O'Leary cautioned.

However Ryanair are not the only airline to suffer from the economic downturn, Aer Lingus shares are down 3 cent to €2.30. However shrewd, Mr. O’Leary has plans to spend up to 200 million purchasing back shares in the company, which equates to 3% of the company share capital. The shares may have plummeted, however like any of their Boeing 737’s, their reliability and stability should see them soar through the present economic storm.