Would Alitalia be classed as one of these cheapo budget airlines? Looks like their on skid row just like Oasis. Swissair were of course another famous no frills airline that hit the rocks in 2001. It can happen to any airline business from national carrier to small budget start up.
I must admit however personally I would rather have gonorrhoea then fly with Ryan Air but thats personal choice. I suspect Micheal O' Leary will be around in the airline business long after Wilie Walsh has gone.