Ryanair chief executive Mr Michael O'Leary said yesterday the company was on target to meet forecasts for the financial year despite the terrorist attacks in the US and turmoil in the global aviation industry.
Speaking at the airline's annual general meeting, Mr O'Leary also repeated his opposition to any plans by the EU to subsidise State-run airlines hit by the current crisis.
"There is little doubt that tragic events in the US are being used by a number of European flag carriers as an excuse upon which to blame their long-standing cost problems and an opportunity to look for subsidies and hand-outs. Many of these airlines were loss-making long before the events of the 11th of September, and will continue to be loss-making regardless of how many times they are bailed out. State aids don't lead to lower fares, they simply promote inefficiency," he said.
Mr O'Leary said he did not think the EU would concede the issue of State aid in the current crisis.
"There will be no subsidies in Europe this time round. The whole agenda has moved. British Airways in now in private ownership. Lufthansa is now in private ownership. The days when you could simply bail out loss-making, inefficient airlines like Aer Lingus are over," he said.
There was no question of Aer Lingus going bankrupt if it did not receive State aid, he said. "It has far too much cash and is a viable business," he said. "It needs urgently to tackle cost problems that have not been tackled in many years."
Mr O'Leary said Ryanair's decision to reduce fares would not hit the company's profitability. "We think we will carry more passengers at slightly lower fares but we will probably hit our numbers for the year as a whole," he said.
But he added that the situation could change depending on the nature and extent of the response by the US to the terrorist attacks.
He also said an increase in insurance costs would not greatly affect the airline's figures.
Ryanair would continue with its plans to take delivery of eight new aircraft and open up at least 10-12 routes over the coming months, he added.
