Restructuring events
European Restructuring Monitor (ERM)
The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
As a direct result of the unprecedented Covid-19 crisis, the low-cost Irish carrier has announced a 3,000 jobs cut across Europe from 1 July 2020. The company has notified its decision to trade unions to discuss about the reorganisation plan. These plans will be subject to consultation but will affect all Ryanair Airlines, and may result in the loss of up to 3,000 mainly pilot and cabin crew jobs, unpaid leave, and pay cuts of up to 20%, and the closure of a number of aircraft bases across Europe until traffic recovers. Ryanair now expects the recovery of passenger demand and pricing (to 2019 levels) to take at least 2 years, until summer 2022 at the earliest. Several job cuts were already announced in 2019 with 432 job cuts in August 2019 (Spain) and 100 job cuts in August 2019 (Portugal).
Updated 15/05/2020: Job cuts and pay cuts will also be extended to Head Office and Back Office teams based in Dublin, Stansted, Madrid and Wroclaw for a total of 250 positions. Job cuts will be a combination of probation/fixed term contract ends, resignations and compulsory redundancies. According to Ryanair, the carrier has operated less than 1% of its normal flight schedules during April, May and June, and only 40% of its normal schedules would operate in July 2020. For the full year, Ryanair now expects to carry less than 100 million passengers, over 35% lower than the 155million+ target for the year ended March 2021.
Eurofound (2020), Ryanair, Internal restructuring in European Union, factsheet number 100698, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/100698.
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