Ryanair has said it cannot rule further cuts 'in or out' at its Irish operations.
The Irish carrier has reported a first-half loss of €197m as traffic falls 80% to 17 million.
It has also grounded 99% of its fleet from mid-March to the end of June.
Last month, it confirmed plans to close its bases in Cork and Shannon for the winter months of November to March.
It said coronavirus restrictions from EU governments had seen air travel to and from much of Central Europe, Ireland, the UK, Austria, Belgium and Portugal heavily curtailed.
This had seen bookings weaken slightly in October, but also "materially" in November and December.
Chief financial officer Neil Sorahan said the company is talking to airports across Europe to fill gaps left by other airlines.
But he told Breakfast Business further Irish cuts are a possibility.
"We can't rule them in or out - regrettably Dublin is the only airport now that we're flying from for the winter schedule.
"We will fly back into Cork and Shannon and Knock for the Christmas period with non-based aircraft.
"And we would hope to be able to open up the bases again next summer, if the Government take a more constructive aprpaoch to aviation and the EU traffic light system.
"But Ireland accounts for about 6% of our operations, aircraft are mobile assets".
'Talking to to other airports'
On plans for growth, he said: "We think there's going to be huge opportunities all across Europe - we've already seen a number of airlines pull back capacity significantly, and not likely to add that back into the market for the next four or five years.
"We've also seen a number of airline failures.
"We're talking to airports all across Europe who are trying to back-fill lost capacity and our trying to grow over the next few years."
"So I think there's going to be massive opportunities - but it's going to be challenging over the next number of months as we work our way through the various challenges that COVID brings with it".
He said there are no plans for take-overs of other carriers, and that 'organic growth' is preferable.
"Sometimes acquisitions can give you something that you wouldn't necessarily achieve yourself.
"But my own personal preference would be to continue to grow through aircraft purchases and creating markets ourselves - or back-filling lost capacity across Europe".