LONDON/DUBLIN (Reuters) - Europe's no-frills airlines are heralding a once-in-a-lifetime opportunity to grab market share from traditional carriers struggling to emerge from the pandemic, but each will have to overcome significant challenges to come out on top.
Market leader Ryanair this week saw talks over a mega-plane deal fall apart, while No.2 easyJet is lagging the recovery of its rivals so far.
Smaller Wizz Air has had an audacious bid for easyJet rejected, sources say, a move that would create a much stronger challenger to Ryanair if a deal could be done, but which some analysts think could be a distraction at a time of rapid change.
At stake is potentially the biggest reshaping of Europe's aviation industry for a generation, with low-cost airlines looking to outmanoeuvre heavily indebted traditional carriers as COVID-19 travel restrictions are wound down.
Ireland's Ryanair, with 150 million passengers in the year before the pandemic and 200 Boeing 737 MAX jets on order, had until this week looked set to extend its lead to the end of the decade with a deal for up to 250 more.
But talks collapsed spectacularly on Monday, leaving boss Michael O'Leary - long wedded to both Boeing and a strategy of expanding organically - with few quick options to accelerate growth.
That put the spotlight on Jozsef Varadi, CEO of Hungarian upstart Wizz Air, who sources say has made two bold moves to seize the initiative.
Wizz, which flew just 40 million passengers at its pre-pandemic...
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