Copenhagen, Sept. 15 – Wizz Air CEO Jozsef Varadi confirmed the budget carrier has no interest in airBaltic following its Chapter 11 bankruptcy filing amid high fuel costs and lost Russian routes. Speaking in Copenhagen, Varadi noted that Wizz Air sees few opportunities from the Latvian airline’s collapse, citing Latvia’s peripheral EU location and current geopolitics that hinder operations near the Russian border. AirBaltic grew too large for its small domestic market after Europe’s eastward expansion and the Ukraine conflict disrupted traffic. This statement highlights challenges for smaller European airlines facing similar pressures in the aviation sector.
The oil price spike from the Iran war rapidly drains liquidity, especially for unhedged carriers, placing many at risk of a wider industry shakeout. Wizz Air remains well positioned with hedges covering 80 percent of fuel needs at half market rates over the next year. Varadi described the year as bumpy due to oil prices and geopolitics, yet potentially opportunity-rich for prepared operators. Wizz Air and airBaltic both adapted to post-2003 EU enlargement but diverged after 2022 events.
Wizz Air, co-founded by Varadi in 2003, continued expanding despite network dents from the Ukraine invasion. AirBaltic aimed to be a regional hub but suffered from vanished Russian passengers and elevated costs. The CEO emphasized limited appeal in acquiring AirBaltic assets given execution difficulties in that region.
Wizz Air plans to add capacity in Italy, Romania, Albania, and other markets where vacuums have appeared. This approach supports growth while competitors struggle, underscoring the value of fuel hedging and strategic focus in volatile times for European budget airlines seeking stability and expansion.