Budget airline Ryanair said on Wednesday that it would ground nearly all flights as of next week due to the fast-moving coronavirus outbreak in Europe.

In a statement published on the carrier’s social media, the company said: "the spread of the COVID-19 virus has led most EU Governments to impose severe travel bans and restrictions, which have had a negative impact on the schedules of all Ryanair Airlines, causing widespread cancellations and travel disruptions across the network."

Ryanair will continue to stay in close contact with the foreign ministries of all European Union governments on the repatriation of EU citizens and where possible we may operate rescue flights to support this repatriation, the statement added.

The transportation industry is one of the heavily hit by the outbreak as governments have taken precautions such as restricting free travel and closing borders to prevent the spreading of the pandemic which already claimed thousands of lives worldwide.