What one major airline had to say about fuel costs and airfares this week was surely the kind of thing that makes you sit up and take note .

Of course, exactly what happens from here will depend on the path of oil prices.

However, there was plenty to think about in the update from Ryanair.

Overseas travel has proved remarkably resilient, with clear signs that hard-pressed UK consumers have prioritised such spending, where they have been able to, in spite of straitened household finances and a protracted economic malaise.

It is certainly to be hoped this strength continues, for many reasons.

Obviously, it is crucial for those working in the sector, many of whom faced such great uncertainty about the future amid the coronavirus pandemic.

And such strength is vital for consumers and businesses, in terms of connectivity.

Then there is the importance of the overseas travel sector to the economy of Scotland and the rest of the UK, taking into account both outbound and inbound passengers.

The surge in fuel prices was a key focus in Chancellor John Healey’s Budget last week, in the context of household energy prices and support being provided there.

Hedging activity has so far cushioned airlines to a large extent from the spike in energy costs arising from the Middle East conflict.

However, Ryanair highlighted the point that this protection would be coming to an end and made no bones about what would happen if oil prices remained elevated.

So what did Ryanair have to say?

The budget airline said its fuel bill could go up by around €2 billion in the year to March 2028, with this estimate based on “current forward prices”.

That is a big number.

Ryanair highlighted its belief that European short-haul airfares “will increase materially to reflect these........

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