The airline said it does not expect a full recovery until the summer of 2022.
Ryanair has said it plans to cut 3,000 jobs as it continues to try and cope with the effects of the Covid-19 pandemic.
The airline is also looking to implement pay cuts of up to 20% as well as close a number of its aircraft bases around Europe until its traffic recovers.
In a statement, Ryanair said as a direct result of the unprecedented Covid-19 crisis, it does not expect a recovery of passenger demand and pricing - to 2019 levels - until at least the summer of 2022.
Job cuts and pay cuts will also be extended to the airline's head office and back office teams but it's mainly pilots and cabin crew who will be affected by the job losses.
CEO Michael O'Leary, whose pay was cut by 50% for March and April, has also agreed to extend his 50% pay cut for the remainder of the financial year to March 2021.
"The Ryanair Airlines will shortly notify their trade unions about its restructuring and job loss programme, which will commence from July 2020," Ryanair's statement said.
"These plans will be subject to consultation but will affect all Ryanair Airlines and may result in the loss of up to 3,000 mainly pilot and cabin crew jobs, unpaid leave and pay cuts of up to 20%, and the closure of a number of aircraft bases across Europe until traffic recovers."
For the full year ended March 2021, Ryanair now expects to carry less than 100 million passengers, more than 35% below its original 154 million target.
