SHARE PRICES in Irish airlines Ryanair and Aer Lingus owner IAG have spiked after rival carrier Monarch Airlines went into administration.
UK-based Monarch confirmed it has ceased trading on Monday, leaving an "unprecedented" 110,000 passengers stranded abroad.
Effective immediately, all future holidays and flights provided by Monarch and its related companies have been cancelled and are no longer operating.
The UK's Civil Aviation Authority (CAA) said: "This is an unprecedented situation and because there are up to 110,000 passengers abroad".
The British government has asked the CAA to charter more than 30 flights back to the UK for all Monarch customers currently overseas, saying affected customers should incur "no extra cost" in returning home.
In a statement, Monarch said "everyone due to fly in the next fortnight will be brought back to the UK at no cost to them. There is no need to cut short your stay.
Shares in Aer Lingus owner IAG and Ryanair were up after Monarch's announcement (Picture: London Stock Exchange/Ryanair)"All affected customers should check new website monarch.caa.co.uk for more information."
Andrew Haines, Chief Executive of the CAA, said: “We know that Monarch's decision to stop trading will be very distressing for all of its customers and employees.
“This is the biggest UK airline ever to cease trading, so the Government has asked the CAA to support Monarch customers currently abroad to get back to the UK at the end of their holiday at no extra cost to them.
“We are putting together, at very short notice and for a period of two weeks, what is effectively one of the UK's largest airlines to manage this task.
"The scale and challenge of this operation means that some disruption is inevitable. We ask customers to bear with us as we work around the clock to bring everyone home.
“We urge people affected by the company's collapse to check our dedicated website monarch.caa.co.uk for advice and information on flights back to the UK. It also gives information to those passengers that have future bookings with Monarch but are yet to leave the UK.”
