The latest news regarding flight costs comes from data released by Expedia, one of the world’s largest online travel agencies, confirming that airfares are up 24%, driven by higher fuel costs.

UK airlines, including Ryanair, easyJet and British Airways, are well hedged for the next few months, but Ryanair has signalled that it will increase airfares after the summer to cover rising costs.

Under the Package Travel Regulations, holiday firms have the right to add an 8% surcharge to an existing booking if costs increase due to a rise in the price of fuel, but this rarely happens in practice. However, the present situation is unprecedented in the industry.

If a surcharge of more than 8% is imposed, customers have the right to ask for a full refund.

Unsurprisingly, airlines and travel agents are advising customers to book now to lock in a good deal. There is some sense to this. Data shows that when flight prices go up, they rarely come back down again and booking while a fuel hedge is in place means consumers should benefit from a better deal, particularly in Europe.

Regarding flight cancellations,  Airports Council International (ACI Europe), which represents airports across Europe, predicts that regional airports will be most exposed to the fallout from high fuel prices. These hubs are typically less profitable for airlines and therefore likely to be the first routes to be cut.