RyanAir has often been credited with being virtually unstoppable thanks to a highly efficient operation.
However, as the WhichBudget website explains
While Ryanair declared €663m of ancillary revenues in its last annual report in 2009, Ryanair earned more than €664m in subsidies the same year. It means that subsidies are at least as important as ancillary revenues and represent around 22% of Ryanair’s revenues.
The story is based on an extensive analysis by Roman the AirObserver. We strongly recommend a reading of the analysis.
Do also take the time to visit the AirObserver site.