One could take the cynical view, that 2009 is a great time for price dumping (i.e. selling a product on average at a lower price than the cost of providing it).
If one engages too heavily in price dumping, Govt regulators have a habit of asking questions, imposing penalties and generally turning nasty. A recession provides a perfect excuse for an airline for price dumping
By selling at a price below cost, it would be an easy way to put the weaker LCCs into dire straits - probably not necessary for SkyEurope, but perhaps an effective strategy to kill off Vueling, Clickair (unless bought by Iberia), Helvetic, WindJet, MyAir and a few others.