Maybe now would be the time for Ryanair to consider swapping some of their 737-800 options for smaller 737-700s. They could thus adapt capacity to routes that don't justify a 737-800 (incidentally the largest low-cost aircraft in Europe at 189 seats).
Since both versions are so similar (same type rating for Flight deck and Cabin Crew, similar spares support/engineering, etc), that might be a wise move. After all, better get an 80% load factor on a 737-700 than a 70% load factor on a 737-800 on the same route.
Just a thought...