Michael O’Leary is having a good recession. While most airlines around the world are seeking to cut capacity and defer or even cancel new aircraft orders, the iconoclastic Ryanair chief executive is keeping the throttle wide open.

Ryanair has led the low-cost airline revolution in Europe. It did not invent the business model, which originated in the US with Herb Kelleher’s Southwest Airlines. But it has implemented it with exemplary and unmatched zeal and discipline.