Jet2 are a local airline flying some of the oldest B737s in the UK relying on their home base for a lot of their profitablily I'm sure. Ryanair are looking for homes for more B737-800s still at Boeing Field. So far so good.
Given the choice between Ryanair and Jet2 on the same route most will go with the cheapest. Loyalty often disappears where money is involved. Hence I am sure the opportunity is there to build the Ryanair presence up. Past history shows that the opposition is either trampled to death or dented badly and stabilises at a lower level of activity with a loyal following.
My money would be on Ryanair to try and kill Jet2 over time. Why? Because they can. Dart Group won't support losses over a long period at the airline in a cut throat trading environment with the most ruthless airline moving into their home turf. They're not coming to LBA to share, they're coming create a market and add Jet2s passengers to it.
but can 2 FR 737's really compete with 12 LS aircraft?
Yes, very much so. Route by route until two becomes three becomes four....