Don't forget that a significant portion of their cash on hand is from unearnt revenue. In other words pax paying in advance for flights that have yet to take place. Any special dividend will need to take into account the usual operating costs etc of running these flights, planned capex plus the other commitments that Ryanair has to satisfy so I don't think it will be that high a windfall if it does happen. Having said that there will no doubt be some considerable pressure put on by the institutional investors looking to cash in.