That is it in a nutshell. The danger for Ryanair is this
The price difference between loco and scheduled, where I need to take hold luggage, is now usually negligible (taking account of baggage fees and transfer costs from ex-Cold War airfields or similar normally used by locos).
. Competition has dramatically narrowed the price differential between Ryanair and older legacy carriers (and between other loco's with a less hostile attitude to customers such as EZ), and customers are likely to make the choice to pay slightly more. If price was the only issue, Kwiksave would not be bankrupt and Tesco would be struggling.