Michael O'Leary

Michael O'Leary said European airfares could see their biggest increase in history next year.

In Europe, Ryanair chief Michael O'Leary said airfares could see their "biggest increase in history" next year.

Michael O'Leary predicted European airfares will rise 10-20% next year, the biggest increase in history over the next 12 months.

"You could see airfares rise next year in Europe. I think by 10, 15, maybe 20 percent," Michael O'Leary, CEO of the European low-cost carrier Ryanair, said this week in Belgium. "You're going to see the biggest increase in airfares, I would say, in history in Europe in the next 12 months."

Michael O'Leary predicted European airfares could rise 10-20% next year, the biggest increase in history over the next 12 months.

You could see airfares rise next year in Europe. I think by 10, 15, maybe 20 percent. You're going to see the biggest increase in airfares, I would say, in history in Europe in the next 12 months.

O'Leary warned that European airfares could climb up to 20% next year as higher fuel costs and reduced capacity squeeze the industry.

Ryanair CEO Michael O'Leary warned on Tuesday that European airfares could rise as much as 20% next year as higher fuel costs and reduced airline capacity squeeze the industry.