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Ryanair proposes rescue package for Cyprus Airways

24 August 2014

Cyprus Airways could get a reprieve as Ryanair boss Michael O’ Leary said that his company could help the ailing airline to get back on its feet, ‘Famagusta Gazette’ reports.

O’Leary has presented proposals outside of the ongoing process to find a strategic investor.  On Friday, O’Leary claimed that Ryanair could help develop Cyprus Airways business by adding new routes and more flights which would increase passenger numbers to three million per annum and also create new jobs.

The Greek Cypriot government has said that it would look at Ryanair’s proposal to see if it meets expectations.

“From Ryanair`s point of view there is a very exciting future for Cyprus Airways where I believe with the help of Ryanair we could put Cyprus Airways and Cyprus’ tourism back on a path of a very much renewed and rapid growth, with new roots, more flights and new jobs for pilots, cabin crew and engineers here in Cyprus”, O’Leary told the press.

He explained that with the plan Ryanair has submitted to the South Cyprus government, the company expects to grow from 500 thousand passengers last year, to about three million passengers over the next 3-4 years.

“As we explained to the Minister we think we can deliver that growth using Cyprus Airways. So it will be Cyprus Airways growing again from 700 thousand passengers this year to three million in the next few years,” he said.

The South’s Communications Minister said that the government will examine Ryanair’s proposal and get back to the airline.

“It’s a long proposal and the Government will have to take a careful look at it to see whether it meets our expectations and we of course have our own proposals,” he noted.

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