Ryanair To Lift Italy Investment After Tax U-Turn

Ryanair said it will invest USD$1 billion in new aircraft as it reversed a decision to scale back operations in Italy.

The Irish low cost leader said it would base 10 new aircraft in Italy, launch 44 new routes and add three million passengers because of a decision by the government to abandon a departure tax increase.

“We are extremely grateful to Prime Minister Renzi… for taking these initiatives to grow Italian tourism. All of this growth would have been lost to other EU countries if the Municipal Tax increase had not been reversed", Ryanair chief executive Michael O’Leary said in a statement.

Ryanair expects to deliver traffic growth of three million passengers, from 32 million in 2016, to over 35 million in 2017.

The growth plan will include 2,250 new jobs at Italy’s airports, Ryanair said.