As Ryanair celebrated a 36% jump in annual profits, its Malta hub remained unfazed, continuing operations as usual. But a cloud hangs over the budget airline’s future: the uncertainty of a potential war in Iran.

Ryanair, Europe’s largest low-cost airline, announced profits of €1.15 billion for the year ending March 31, 2023. This comes despite rising fuel costs and a challenging geopolitical environment. The airline’s Malta base, which serves over 6 million passengers annually, has been a significant contributor to this success.

Malta’s Minister for Tourism and Consumer Protection, Clayton Bartolo, welcomed the news, stating, “Ryanair’s success is a testament to Malta’s attractiveness as a destination and our commitment to sustainable tourism growth.”

However, Ryanair’s chief executive, Michael O’Leary, has warned that a potential war in Iran could disrupt the airline’s operations. With Iran’s oil exports accounting for a significant portion of global supply, a conflict could send fuel prices soaring, impacting the airline’s bottom line.

“If there’s a war in Iran, fuel prices will go through the roof,” O’Leary said. “We could face fuel prices of $200 a barrel, and that would make flying unprofitable for us.”

Malta, a strategic hub for Ryanair’s Middle East and North African operations, could be particularly affected. The island nation relies heavily on tourism, with over 2.3 million tourists visiting in 2019. Any disruption to Ryanair’s operations could have significant implications for Malta’s economy.

Despite the uncertainty, operations at Ryanair’s Malta base continue unabated. The airline’s Boeing 737s take off and land at Malta International Airport, serving destinations across Europe and beyond. The airport, located in the town of Luqa, remains a hive of activity, with no signs of the brewing storm in Iran.

Ryanair’s Malta-based crew members, many of whom are Maltese, remain optimistic. “We’re used to uncertainty,” says Maria, a Malta-based Ryanair cabin crew member. “We just focus on providing the best service we can, regardless of what’s happening elsewhere in the world.”

Malta’s government, too, is taking a pragmatic approach. “We’re monitoring the situation closely,” says a spokesperson for the Ministry of Foreign and European Affairs. “But for now, it’s business as usual. We’re confident that our strong relationship with the UK and the EU will help us navigate any challenges that arise.”