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What Aer Lingus is doing resembles what the major US carriers began offering on their domestic routes a short time ago.
I believe Aer Lingus is the first conventional carrier to offer hand baggage only fares on transatlantic routes.
A senior VP at American Airlines (which is also anxious to cut costs in face of ever fiercer competition from Norwegian, Wow etc) is considering introducing basic economy fares on transatlantic routes.
Two days ago, Don Casey American’s senior VP of revenue management, told Skift “We are looking at where we think it is appropriate based on the competitive situation in the market.”
It would seem likely that others will follow Aer Lingus’ lead.