Ryanair expects to record a loss of €200m for the first three months covering April, May and June due to the impact of the coronavirus.
A smaller loss is expected for the months of July, August, and September, the airline said in its annual results statement.
The company said it cannot provide a guidance on its profit before tax for this year due to the uncertainty surrounding the economic affect of the global pandemic, "coupled with no visibility on what customer behaviour and demand will be following a return to service."
Ryanair currently expects to carry less than 80 million passengers in its financial year 2021, which runs from April 1, 2020 to March 31, 2021.
This is almost 50pc below its original target of 154 million people.
The airline said it would not be requesting or receiving State aid.
In order to manage costs, consultations about base closures, pay cuts of up to 20pc, unpaid leave and up to 3,000 job cuts (mainly pilots and cabin crew) are under way with its staff and unions.
Meanwhile, in the 12 month to 31 March, the airline reported profit after tax of €1bn, a jump of 19pc compared to the prior year.
Passenger numbers increased by 4pc during the period.
Revenue per guest increased by 6pc to €57 on the back of higher fares – up 2pc – and ancillary income, which was up 16pc.