Michael O'Leary, chief executive of Ryanair, said the era of cheap €10 tickets is over and the low-cost carrier will no longer offer flights at the lowest prices due to rising fuel costs.

The average price of airline tickets will increase from around 40 euros last year to around 50 euros in the next five years, O'Leary told BBC, adding that he believes people will continue to fly frequently, despite the rising cost of living.

"There's no doubt that in the low-price market, you won't see our really cheap promotional prices of €9,99 for the next few years," O'Leary said.

Rising energy prices that drive up airfares also increase household electricity bills, reducing people's disposable incomes.

The head of Ryanair is of the opinion that, despite this, customers will not cut back on flights, but will look for cheaper options.

"We think people will still fly a lot." I think people will become much more sensitive to prices - he said.

The BBC notes that commercial flights now account for around 2,4 per cent of global CO2 emissions, and the aviation sector is facing pressure to reduce its impact on the climate, with a campaign to persuade people to switch to rail and road transportation.

O'Leary, however, argues that roads and transport contribute more to overall CO2 emissions and that the focus on reducing air transport emissions is misguided.

He said Ryanair was investing in more efficient aircraft and concluded that the biggest reduction in fossil fuel use would come from switching from petrol and diesel to electric road vehicles.