Holdings Plc Chief Executive Officer Michael O’Leary predicted the highest increase in European air fares in history next year as the Middle East war continues to drive up oil prices, forcing airlines to pass on their fuel costs to consumers.

Ticket prices are set to increase by as much as 20% next year, O’Leary said on Tuesday during a press conference in Brussels. As a result, airline margins will get squeezed because even the jump in fuel surcharges won’t make up for the higher oil bill, he said.

“You’re going to see the biggest increase in airfares, I would say, in history in Europe in the next 12 months,” O’Leary said. “The question is, will that increase in airfares be enough to cover the dramatically higher oil bills? I don’t think it will be.”O’Leary said most European airlines, including his own, lack significant hedging next year to protect against higher oil prices. In addition, there’s less capacity in the market as some airlines struggle, while higher taxes are further dimming the picture for the industry.

The CEO used his expletive-laden press conference to dish out against regulation in markets like France and Belgium, where Ryanair will reduce its footprint in response to higher taxes. He reiterated that the European aviation industry will continue to consolidate as weaker players struggle to survive in a high-cost environment.

Airlines across the world have suffered from soaring jet fuel costs since the Iran war escalated earlier this year, leading to lower consumer demand. In September, Ryanair cut its annual passenger target for the fiscal year, saying it will fly fewer seats in the quieter winter season.