Following a Q1 loss of €273 million, RYANAIR CEO Michael O'Leary has projected a robust comeback for the budget airline as passengers return to the skies this summer.

The loss, which contrasted to a Q1 loss of €185 million the previous year, was attributed to the postponement of Easter travel and a "slower than expected easing of EU government travel restrictions," according to the numbers released on July 26.

“During Q1, Covid-19 continued to wreak havoc on our business, with most Easter flights canceled and a slower than expected easing of EU Government travel restrictions into May and June,” Ryanair Group CEO Michael O'Leary noted.

“Q1 bookings were close-in and at low fares due to significant uncertainty around travel green lists (particularly in the UK) and extreme Govt. caution in Ireland,” he added.

“Throughout the quarter, we kept our aircraft and crews current and recruited additional cabin crew to help us recover quickly in Q2 as Covid restrictions ease.”

Mr. O'Leary, on the other hand, is optimistic about the months ahead, citing the vaccination rollouts and linked EU digital Covid-19 certificate system as reasons for optimism.

Mr. O'Leary stated, "The 1st July rollout of EU Digital Covid Certificates ("DCC") and the scrapping of quarantine for vaccinated arrivals to the UK from mid-July has seen a surge in bookings."

“Pricing remains below pre-Covid-19 levels, and Ryanair guests traveling this summer will continue to get great value as we focus on restoring traffic, jobs, and tourism across our European network.”

“Based on current (close-in) bookings, we expect traffic to rise from over 5 million in June to nearly 9 million in July, and over 10 million in August, assuming no further Covid setbacks in Europe,” he added.

Due to the fall of so many of its competitors during the pandemic, the company hopes to grow even more in the future.

"The Covid-19 crisis led to the demise of many European airlines, including Flybe, Norwegian, Germanwings, Level, and Stobart, as well as significant capacity reductions at many others," he stated.

“The flood of government aid to insolvent flag carriers from EU governments will distort EU competition and prop up high-cost, inefficient flag carriers for many years.

“For the foreseeable future, we expect intra-European capacity to be materially lower,” he continued.

“As the Group takes delivery of 210 new Boeing 737 “Gamechanger” aircraft, this will provide growth opportunities for Ryanair to extend airport incentives.”