The numbers are both sobering and striking. Decimated by the spread of Covid-19, the global airline industry is operating with less than half the capacity it had in mid-January. In the last week, it slashed another 20 million seats from scheduled services. Seat capacity has fallen from 109 million to 49 million, and OAG Aviation Worldwide say the figure could drop closer to 40 million given looming cuts in major markets. All over the world, airlines are petitioning for state bailouts, grounding flights and fundamentally restructuring overheads. With its reservoir of cash reserves, Ryanair looks in good nick. Its debt…

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