Ryanair (RYAAY) said it has contingency plans for an "armageddon" jet fuel scenario and warned weaker European carriers may not survive if high fuel prices persist, CNBC reported Monday.

Chief Financial Officer Neil Sorahan said Ryanair has hedged 80% of its summer fuel needs and does not expect flight cancellations despite volatility tied to Middle East tensions and the Strait of Hormuz, according to the report.

Sorahan added that weaker airlines could face pressure this winter if fuel costs stay high, while Ryanair said summer demand remains strong despite later bookings amid economic uncertainty, CNBC added.

Ryanair didn't immediately respond to a request for comment from MT Newswires.

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