In a trading update, Ryanair said it now expected to deliver "more rapid traffic growth" over the next five years thanks, in part, to it taking delivery of more than 200 new Boeing aircraft.

The airline has increased its five-year growth forecast from 33% to 50% with its pre-Covid annual carryings rising from 149 million pre-pandemic to in excess of 225 million – 25 million passengers higher than its previous 200 million target.

Ryanair’s outlook is, though, conditional on no further adverse developments relating to the Covid-19 pandemic and rates of vaccination in Europe remaining at levels in excess of 90%.

It said its fleet of new B737 aircraft would lower costs, reduce emissions and open up new opportunities at airports across the continent, capitalising on legacy carriers’ struggles.

Boss Michael O’Leary said the new aircraft would allow Ryanair to open 10 new bases across Europe this year and take up slot opportunities as they are vacated by competitors.

O’Leary added Ryanair expected to create more than 5,00 new pilot, cabin crew and engineer roles over the next five years; earlier this week, it opened a new €50 million training centre in Dublin, with a further two to follow in Spain and Poland over the next five years.

"The Covid-19 pandemic has delivered an unprecedented blow to Europe’s aviation and tourism industries," said O’Leary.

"Only Ryanair has used this crisis to place significantly increased aircraft orders, to expand our airport partnerships, and to secure lower operating costs so we can pass on even lower fares to our guests, so that together with our airport partners, we can recover strongly from the Covid pandemic and deliver higher than expected growth in both traffic and jobs over the next five years."