They are going for broke with a price war
Ryanair heads for red over Michael O'Leary price war - Times Online
Mr O'Leary said: “If there is not going to be growth in demand we have to take share from our competitors.”
However, the combination of increased supply, falling demand brought about by worsening economic conditions and high costs has worried analysts. One said: “Creating a price war will help drive some carriers out of business but this is a very high-risk strategy because Ryanair is blowing up its own business in the process.”