It's quite surprising how many contributors here seem to think there is a huge difference between EIs costs and FRs costs.
FR have managed to get huge discounts from airport operators over the years, often with no fees for the first few years. EI is going in to these airports and getting the same deal years later. At the same time FRs deals are expiring, and they are pulling off routes if their deals are not extended.
Don't assume that FRs costs are a lot lower that EIs. Most of EIs A320s in recent years have been leased, and when things go wrong, they can always be returned to the lessor, so downsizing can be cost effective.
On the other hand, FR have ordered vast quantities of 737s, the bulk due for delivery over the next 18 months. In order to get them relatively cheap, FR had to commit to purchasing them at an early stage with no opt out clause. This all looked well five years ago when the orders were being placed - no one in FR (or elsewhere for that matter) envisaged the rapid downturn in the economy we've recently seen. O'Leary bragged that if he had excess aircraft he could always sell them onwards at a profit as he got them so cheap. Well, with over 200 737s available for sale or lease on the open market, I don't see him pulling off too many sales at a profit for a long, long time.
FR also have over ten aircraft parked up for the foreseeable future and over 40 737s for delivery in the next six months. I would be more concerned at the effect of having such a large number of unproductive aircraft on the balance sheet.
I can't see any bank in the western hemisphere being reckless enough in the current environment to lend money to any airline to buy lots of new aircraft that have no earning capability. FR have in the last ten days announced the closure of eight routes. Consequently the only way I see MOL affording all these new aircraft is to use FR's cash reserves. Given that FR's balance sheet is already heavily debt laden - approx 45%, the question has to asked as to how robust their position would be to withstand the next few years with their cash reserves depleted.
I don't think there is any other airline out there with potentially such a high risk financial model as FR. Most such companies -airlines or otherwise, do not survive an economic downturn.