The NI market on international routes is very seasonal and very leisure orientated. The vast majority of pasengers fly to the Med sun belt; Faro, Malaga, Alicante and Palma comprise circa 40% of the total demand on international routes. The array of routes to cities in Continental Europe is very limited, this has always been the case.
easyJet learned (during Carolyn McCall's time) to hold firm in their core markets and not cut and run in the face of Ryanair below cost selling. Ryanair needs to run the competitors out of town but based on easyJet approach achieve that in this core easyJet market. The international routes will therefore be unattractive with much greater opportunities available in Europe.
This leaves the domestic market where the biggest opportunities for volume exist. This won't work for Ryanair as we've seen time and time again. For these reasons both in equal measure;
- next to no ancillary revenue. Highly VFR and poor uptake on luggage and car hire etc.
- Very late booking market. Ryanair apply general approach, measure of success is fill the plane well in advance if departure date. Doesn't happen on domestics, hence they dump seats on the market at very low prices. They don't pick up late high fares* (*not like other routes). Proof is they surrendered valuable slots on BFS LGW. I'd suggest made nothing on this route.
For all of these reasons Belfast is not attractive.
My sources tell me that the deal at BHD was zero landing fees. The idea was to drive volume for BHD and they then collect car park revenue, support concessions too etc etc.