But, between now and 2012 Ryanair have another 100 or so B738's arriving and under their model they need 6.7 crews per aircraft to keep them running (Eddie Wilson's figures) and shedding 600 crew just does not add up.
Sorry, but it does make sense. They have publically disclosed to analysts that they are selling older 737-800s (see earlier post of mine, cited from Chris Avery of JPMorgan).
They are canny business operators and will not hesitate to shrink the business to maintain greater profitability.