Okay, let's try to be more positive. Could have made €4 billion since...
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Doubtful because capacity is the ultimate constraint.
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In reality, even FR is unable to calculate how many millions might have cost them reCapcha, for example. Not the royalties, just in terms of revenues lost by scaring away some (inpatient) customers. Similarly, it's hard to assess the long-term effects of advertising the 1 euro tickets prices without showing the additional fees and charges. Yes, it's an old way, now the final rate is being shown, but people do remember old things. Once disappointed by finally having to pay for "1 euro ticket" maybe some 30 euro more (several years ago), they still think: Oh, tickets for €20? Let's add the (memorized) €30, it'll be 50 euro one way. Not true anymore, but that's how many pax recall the booking process experienced at the time
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If the fare is low enough people will overcome whatever is required to get it.
People give more credence to consumers' intelligence and memory than is evident in reality.
If people were so intelligent and savy then no politician would ever get re-elected.
If consumers were that Intelligent in general then why did so many get taken in by PPI salesmen, timeshares while on holidays, energy company prices, mobile phone contracts etc etc.