Low-cost carrier Ryanair will be forcing about 400 pilots and cabin crew members to take one week of unpaid leave. The airline’s brash CEO, Michael O’Leary, said that executives would be hit with a 10% pay cut. The flight crews’ mandated holiday will cost them about 2% of their yearly income.
O’Leary, usually singled out for is over-the-top antics and surly demeanor seemed to be talking sense, for once, when he said that smaller European budget carriers would not survive the current economic sluggishness. However, he was optimistic about Ryanair’s prospects, saying that the money woes will cause people to seek out the airline’s cheaper fares.
O’Leary also said that he is looking to develop trans-Atlantic routes by purchasing larger aircraft from bankrupt or soon-to-be-bankrupt airlines on the cheap. First, though, the airline will have to ride out the current economic downturn and keep their crews from bolting for other airlines.