The airline also announced a number of other "customer care improvements" that could see cheaper flights with better service in the coming year.
The airline has promised that if they drop below their target of 90 per cent of flights landing on time, excluding Air Traffic Control (ATC) issues, then they will give customers five per cent off the following month's air fares.
And for savvy travellers, if they are able to find a cheaper fare within three hours of booking, Ryanair will refund the difference plus €5 (£4.40) MyRyanair credit.
Frequent flyers will be able to pay €199 (£175) a year for free seat reservations and priority boarding – but it's not clear whether this will replace existing priority boarding passes.
The airline will also be introducing better customer care initiatives.
Ryanair currently offers an online chat from 6am to 9pm Monday to Friday, 8am to 6pm on Saturdays and 9am to 6pm on Sundays.
But for the first time, the airline is also launching a 24-hour online chat service, which will connect passengers to a customer service adviser in just two minutes.
And complaints under EU regulation 261 will be processed in 10 days, according to the airline.
They will be increasing the grace period for making changes to bookings from 24 hours to 48 hours as well, so passengers can make amends free of charge.
Ryanair have yet to announce the official date the fare and customer care changes will come into effect.
However, it has said that it will be adding new aircrafts from April that will offer more leg room and it plans to be plastic free in five years.
Ryanair won a court battle earlier this week that will enable it to deal with passengers directly for compensation claims for delayed flights under EU261, instead of through specialist law firms such as Bott & Co.
Ryanair chief marketing officer Kenny Jacobs said: "We welcome this confirmation by the Court of Appeal concerning last year’s London High Court ruling, which upheld Ryanair’s policy of communicating with, and paying EU261 compensation directly to, our customers.
"This will help prevent “claims chaser” firms like Bott & Co, Fairplane, Hayward Baker, Sky Legal and Flightright, deliberately and needlessly dragging consumers through the courts so they can grab more than 40% of customers’ compensation, for providing no useful service whatsoever."
According to Travel Weekly,
Bott & Co deemed it a "victory" for passengers and said they would continue to offer free advice to passengers.
Sun Online Travel previously revealed how flights could drop continue in price thanks to Brexit according to Ryanair's Michael O'Leary.
He stated other airlines could struggle as they continue to make losses, following a number of carriers going bust in recent years.
Monarch, Primeria Air and Colbalt all went into administration in recent years.
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