Even though Ryanair has the lowest unit costs of any European airline, its costs rose significantly over its past financial year – cutting profits to €1.02 billion, a 29% decline compared to the prior year period. Last week, easyJet reported a half year loss of £273 million, while Norwegian and other European airlines troubles have been widely reported.  Fuel is undoubtedly higher but the real impact to the bottom line has been falling yields. Fares are depressed, costs are rising – of course more consolidation will come in Europe. What hasn’t been assessed in great detail is the burden of

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