Under a new management team, headed up by Michael O¡¦Leary, a major overhaul of the airline was undertaken in 1990/91. With Ryanair re launched as the very first new breed of ¡¥Low-fare, no-frill¡¦ airline, adapting the formula so successfully pioneered by south West Airlines in the U.S, non profitable routes were eliminated, the network was cut back from 19 to just 5 routes

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With the world in an official recession, 2001 was already a difficult year for the airline industry. But the tragic events of September 11th plunged the airline industry into its worst-ever year, with a number of revered names threatened with collapse and erstwhile profitable companies making record loses. No airlines were immune. Global passenger traffic declined by 4% and cargo by 9% in the aftermath of September 11th. In sum, the world airlines lost some U.S$ 12 billion during this period and, together with the manufacturers and the wider travel and tourism industry; hundred of thousands of employees became redundant. According to research by the World Travel and Tourism Council, global travel and tourism demand declined by 404% in real terms in 2001 and is expected to fall by another 3% in 2002. One major concern of all airlines after September 11th is the expected rise in aviation insurance.

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