If the UK economy moves into recession, companies will look to slash their corporate travel budget. Full service carriers like British Airways are likely to take the bigger hit, which could benefit low-cost airlines like easyJet.
Ryanair is repositioning dozens of jets on order from the UK to other European countries and Italy is a beneficiary because of its decision to avoid a hike of airline-ticket taxes. Ryanair CEO Michael O’Leary likes that tax advantage.
Look for more bargain fares soon on Ryanair, which said this week its prices could drop by as much as 12 percent within one year.
Despite all the sabre-rattling, it could be business as usual for Europe's low cost carriers even if the United Kingdom leaves the EU.
It's going to be a bumpy few weeks (or months, or years) as the implications of the vote unfold.
Travel and tourism has been one of Europe's economic strengths in recent year. The Brexit would complicate matters for airlines, tour operators, and many others in the travel industry.
O'Leary has long bemoaned the EU and its meddling in the affairs of business, but he also recognizes that Ryanair's business is the better because of the meddling.
Ryanair can afford to make less if it can also keep its planes full during a summer of uncertainty in Europe. Will traditional carriers such as British Airways and Air France follow suit?
We've yet to find a travel brand in the UK that supports Britain leaving the European Union.
The O'Leary that everyone loved to quote is back in fine form — and for a good cause, too.