Tony Ryan, the Irish co-founder of low-fares airline Ryanair, which helped to revolutionise air travel in Europe, died at his home on Oct. 3 aged 71, his family said.

Ryan, who suffered a lengthy, unspecified illness, had a family fortune worth an estimated EUR1.2 billion (US$1.6 billion) and opened up cheap weekend breaks and short-haul flights to destinations across the continent.

"Our beloved Tony bore his illness with determined strength of character and great courage," a family statement said.

"We are proud of Tony's many achievements, of his spirit of entrepreneurship which created enterprise and opportunity for many people in this country and abroad and, most especially, we are proud to have been his loving and loved family."

Ryan helped set up Ryanair in 1985 with a share capital of just one Irish punt (roughly EUR1.3) and a staff of 25 with its first route from Waterford in the southeast of Ireland to London Gatwick using 15-seater Bandeirante aircraft.

The first cabin crew recruits had to be less than five feet two inches (1.5 metres) tall to be able to operate in the cabin.

The company struggled until it clinched deals to fly from Dublin to London and Michael O'Leary became chief executive.

It is now Europe's biggest low-fares airline and this year it will carry 50 million passengers on 557 routes across 26 European countries.

It has 23 European bases and employs 4,800 people from 25 different countries.

In 1975, Ryan was also one of the founders of the Guinness Peat Aviation (GPA) leasing company. He was chairman of GPA from 1985 to 1993.

Following a restructuring of GPA in 1993, Ryan served as executive chairman of GE Capital Aviation Services, a company established by GECC to manage the aircraft assets of GPA, from 1993 to 1996.