The emergence of the omicron variety of coronavirus has thrown a wrench in what has typically been one of the busiest periods of the year for flight sales.

Ryanair Holdings lowered its earnings forecast on Wednesday, citing travel constraints caused by the crisis as a factor in lower Christmas and New Year reservations. According to Bernstein analyst Alex Irving, other carriers would likely evaluate their capacity plans.

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“Ryanair, EasyJet and Wizz Air all operate in broadly the same market,” he said. “It’s highly unlikely the same pressures affecting Ryanair aren’t hitting other airlines.”

Despite claims that omicron will be less severe than earlier iterations, countries across Europe are reintroducing travel restrictions and lockdowns. Britain is dealing with record daily case numbers, and Ryanair’s woes were exacerbated by France and Germany’s ban on U.K. travellers.

While Ryanair chose to inform the market, Irving believes that other carriers will wait until their next set of financial results to do so. In the meantime, as individuals postpone visits, close-in bookings are likely to suffer the most.

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The current version has thrown a wrench into a nascent travel recovery that began in the summer, when Europe reopened borders in response to a successful COVID-19 vaccination launch, allowing transatlantic travel to resume. Carriers had increased capacity for the winter months, counting on pent-up demand during what is typically a slower travel season.

According to Irving, the forecast for next year is still difficult to predict, with everything depending on how bad the omicron variation turns out to be. If it’s less dangerous than anticipated, as reports from South Africa show, travel bookings might swiftly rebound as governments ease restrictions.

In the short term, despite the headlines, Christmas reservations may hold up as people prioritise seeing friends and family or taking long-awaited vacations.

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The impact of the omicron on European passenger travel has been “immediate and severe,” according to airport trade group ACI Europe, which reported a 20% drop in three weeks starting Nov. 24. Despite this, passenger traffic surged by 9% last week as the holiday season began and many kept their Christmas travel plans on track.