Ryanair weighs wage freeze as rising oil prices threaten to add €2 billion in costs next year

The sharp rise in oil prices is expected to add around 2 billion euros to the airline's costs next year. Ryanair will now review all its costs, the company says.

“Everything is on the table, whether that means freezing wages or looking at other areas. We believe our oil costs will be higher over the next twelve months,” says Neil Sorahan, the company's chief financial officer.

The company's profit after tax fell by 15 percent in the first half of the year to 2.15 billion euros. Ryanair is the first European airline to report interim results for the summer period. Its share price has fallen 23 percent this year.