The low-cost carrier grounded all flights in mid-March as European destinations closed borders, with no resumption of services expected until at least July.
Job losses will largely be among pilots and cabin crew, with all remaining staff set to take a 20 per cent pay cut.
A number of bases are expected to be closed across Europe, the airline said in a statement this morning.
Group chief executive, Michael O’Leary, whose pay was cut by 50 per cent for April and May, has now agreed to extend this pay cut to March next year.
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Demand for air travel is not expected to recover fully until the summer of 2022, Ryanair said.
In the first three months of the year, the Irish carrier welcomed just 150,000 passengers, more than 99 per cent fewer than the expected 42 million.
Ryanair expected to operate just one per cent of its planned services this month and next.
For the full year ending in March, the airline said it now expects to carry less than 100 million passengers, more than a third less than its original 154 million target.
When scheduled flights return in Europe, sometime in July, Ryanair believes it will take some time for passenger volumes to return.
Consumer confidence will be impacted by public health restrictions, such as temperature checks at airports and face coverings for passengers and staff on board aircraft.
Ryanair expects traffic on reduced flight schedules will be stimulated by significant price discounting.
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