The Ryanair cuts are probably a fairly short term issue. Can't see MAG keeping the charges as high as they are for any length of time if they really want to grow passenger traffic.
They've built bridges with Ryanair at Manchester (not litterally otherwise FR will be straight back out again
), so I'm sure that they can entice Ryanair in some way or another, unless of course they want Ryanair to cut back to help get other airlines in???