Ryanair CEO Michael O'Leary told CNBC on Monday that European airline fares could rise sharply by 10% to 20% next year due to increased costs from expiring fuel hedges. The company's first-quarter profit fell 15% to 2.15 billion euros (approximately $2.3 billion), with fuel costs expected to increase by 2 billion euros (approximately $2.2 billion). In response, Ryanair is initiating a cost review, including reducing crew allowances, potential temporary pay freezes, and leveraging AI for efficiency improvements.