Ryanair said today that it would ground more than 99% of its flights until July and said it had begun negotiations with Boeing about cutting the number of aircraft deliveries over the next 24 months.
The airline said it would take at least two years for passenger demand to return to normal, which it said could result in the loss of up to 3,000 mainly pilot and cabin crew jobs.
Ryanair is also looking to implement pay cuts of up to 20% as well as the closure of a number of aircraft bases across Europe until traffic recovers.
It added that job cuts and pay cuts will also be extended to the airline's headoffice and back office teams. Group CEO Michael O'Leary, whose pay was cut by 50% for April and May, has now agreed to extend this 50% pay