Irish low-cost airline Ryanair announced 26 new routes from Budapest on Friday in a move to take advantage of the grounding of Hungarian airline Malev over unpaid debts.

Hungarian flag-carrier Malev ceased operating early on Friday, ending 66 years of almost continuous service, after some of its planes were held overseas for unpaid debts.

Ryanair, which in January announced plans to fly five routes from Budapest, has increased that to 31, most of which will be operating by April, the company said in a statement.

It said it would base four aircraft at Budapest and carry up to 2 million passengers per year.