European airlines face €3.5B fuel cost surge; long-haul demand cushions impact

IAG, Lufthansa, and Air France-KLM report a combined €3.5 billion increase in fuel costs, offset by strong long-haul and premium demand, while Ryanair cut fares 5% to maintain load factors. The divergence highlights a two-tier recovery: network carriers pass through costs, low-cost carriers absorb margin pressure. Fuel price trajectory and consumer resilience remain key uncertainties.

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