Malaysian budget airline AirAsia has announced a new regional air ticket which allows travellers to take 10 flights around Southeast Asia in one month for 499 ringgit (€120). The airline hopes that the new ticket will bring more tourists to the region, and get them flying.

We quite liked the idea so Newstalk got in touch with Ryanair and Aer Lingus to see if either would consider following suit in Europe.

Aer Lingus say that it is not currently considering any monthly ticket packages. While Ryanair would never rule anything out, but didn't indicate that it is planning anything similar. 

Newly revamped Ryanair also suggests that you could already get 10 Ryanair flights for €120, the cheapest flights on the site at the time were €9.99.

AirAsia has been the market leader in cheap air travel in South East Asia, but it is facing increasing levels of competition. The two high profile Malaysian Airlines disasters have also depressed demand in the region sparking price cuts across the board. 

How low can you go? 

We can't really complain too much - we do have two airlines who are very competitive when it comes to price.

Airfares have fallen by 50 percent in the last 30 years. Both of the Irish airlines are experiencing exceptionally high levels of growth at the moment.

Ryanair told us that its average fare will fall by between 3 and 5 percent this winter, Aer Lingus commented that "price competition between two carriers" had driven the Irish market to a point where we have the lowest airfares in Europe.

There are also rumours of further Ryanair cuts coming in the new year,

We wondered how much lower air travel can go in the EU - faced with the question Ryanair were fast to return to one of its pet topics - airport charges, adding that: "Lower airport charges always result in lower airfares."