rotorwills
Ryanair are looking at a different theatre though. They will recover well on leisure routes in the corridors that are open, such as UK to certain Mediterranean regions, canaries and Turkey etc. Where they will suffer is the other fine margin intra-Europe routes, where people may choose not to fly rather than be unable to fly.
There is still huge demand out of the UK for warm weather holidays, and there always will be. As long as those destinations need the business, and the UK government allows a corridor, there is money to be made. If there isn’t enough supply because of restrictions, then prices go up and the few lucky enough to have the extra cash will pay for the privilege.
I agree that 2021 is a write off, and although 2022 won’t see all countries 100% vaccinated, history suggests pandemics behave as follows - big first wave, second even deadlier wave, then settle into less severe normal seasonal illness. And that is without vaccination considered. I think 2022 won’t be anything like this year for Europe.