Ryanair (FR, Dublin International) may institute "temporary pay freezes" to offset a projected EUR2 billion euro (USD2.25 billion) increase in its fuel bill for the 2028 financial year, group CEO Michael O'Leary disclosed in the low-cost carrier's half-year financial report. With jet fuel prices expected to remain elevated into 2027 and as oil hedges roll off, O'Leary predicts that airfares in Europe will rise to record levels next year. As such, Ryanair Holdings is also considering hardening airport negotiations, lowering crew ratios, and increasing back-office AI use amid a broader review of its costs.