Europe's largest budget airline said Monday that it could lose close to €1 billion in the current financial year.

That is just over $1.2 billion.

If confirmed, that would be about five times its previous worst loss posted in 2000 and nine.

The forecast comes after new lockdowns around Europe's or Ryanair passenger numbers slumped 78% in the last three months, off 2020.

It now expects to fly between 26 30 million passengers over the 12 months to the end of March, down from 149 million in the previous financial year.

But Ryan Air still sees growth opportunities amid the havoc.

It's widely seen as one of the carriers best place to whether the global travel slump, not least due to a healthy cash balance as off the end of December.

The airline said it still had cash on hand totalling €3.5 billion or about $4.25 billion.

Late last year, Ryanair ordered an additional 75 Boeing 737 max jets, marking the largest order for the plane since it was grounded after two fatal crashes, the max has now been cleared to fly again on Ryan.

Air says it expects to have a least 24 off them in time for the key summer season.