"We have already announced cuts in 3,500 services, but negotiations with our pilots and cabin crew are ongoing and we ask them to lower their salaries as an alternative to layoffs," O'Leary told the BBC.
Ryanair's bid is for the best-paid flight captains to reduce their salaries by 20 percent and the worst-paid flight attendants to reduce their salaries by 5 percent.
"If we can negotiate these wage cuts, we think we can avoid most, but not all, layoffs," O'Leary told the BBC.
Ryanair expects 4.5 million passengers in July, about 40 percent of normal levels, and that travel increases to up to six million passengers in August.
At the same time, the company expects ticket prices to be historically low for the next twelve months, O'Leary told Reuters news agency.