Ryanair Holdings PLC (LON:RYA) has cut its full-year traffic forecast in response to new lockdown restrictions in the UK, Ireland and parts of mainland Europe.

Wizz Air Holdings PLC (LON:WIZZ) also reduced its plans for January, while chief executive Jozsef Varadi said there is little visibility for the coming months but demand should pick up in the summer.

READ: Wizz Air, Ryanair see another plunge in passenger numbers in December

Ryanair said it would materially reduce its flight schedules in the first three months of this year, as a result of which it now expects its January traffic to fall below 1.25mln passengers. New coronavirus pandemic restrictions could reduce passengers numbers to as little as 500,000 a month in February and March, the airline suggested.

Previously, the budget airline had guided to fewer than 35mln passengers using its airlines in the year to the end of March 2021; it has amended this guidance to between 26mln and 30mln passengers.

The company does not expect the reduction in passenger numbers to materially affect its loss for the year since many of the flights is has cancelled would have made a loss anyway.

In December, Wizz Air only flew 35% of 2019’s capacity, which is expected to fall to 25% this month.

“I think if restrictions get removed by summer, I would say that summer 2021 would not be far away from summer 2019 from our perspective,” Varadi was reported as saying by Reuters.

“But you would not see that happening at many of the other airlines.”

Wizz Air shed 4% to 4,300p while Ryanair dipped 2% to €15.5 on Thursday afternoon.