JMC-Man:
The problems that I was referring to at Ryan Air and the possible reductions in routes is already observable - Strasburg, Charleroi and threats to withdraw from Kerry to name but a few. I believe that they also have to start paying for their 800s next year and that their load factor has dropped hence the acceleration of the 200 retirements.
As for easyJet, their main problem is a massive lack of crew, both pilots and cabin crew, and increasing difficulty in attracting suitable new candidates (hence the Berlin base). Rostering is unable to cope with the existing network resulting in crews having fatigue issues and a soaring sickness rate. They simply don't have the people to fly the aeroplanes. The yields at easyJet remain extremely good, but this is no low-cost airline; it's haemorraging money on pointless projects, sub-chartering and management bonuses.