Irish budget carrier Ryanair expects it will report a record loss of up to EUR1 billion for the current financial year to March 31, but that there will be a "dramatic recovery" later in the year thanks to Covid-19 vaccination programs.

Ceo Michael O'Leary says he hopes the market will snap back "very strongly" once confidence recovers and "we will see a return to relatively Ryanair said it had cash on hand of EUR3.5 billion at the end of December.