You can rent cars from £1 a day. You can order a pizza and have it delivered for £1. You can go to the cinema and watch a movie for £0.50. You can take a minibus from London to Birmingham for £1. You can sleep in a London hostel for £5 per night. At least, all of these things will be true if the Easy Group open up all the businesses they've announced for 2004.
The key to it all is the demand curve. Instead of drawing a single price, and satisfying only a certain number of people's demands, the principle is to cover the entire demand curve with lots of prices: from the cheapskate who orders his pizza 3 days in advance and has it delivered in the afternoon, to the guy who orders his pizza 30 minutes in advance on a weekend evening and pays the maximum price. The same is true for flights. That's the reason why low-cost airlines are so successful: They manage to grab almost the entire demand curve, from the guy who wants to fly almost for free to the guy who pays near-business class fares. Take away their flexibility to set prices, and you ruin their business model. If the German government were indeed to specify minimum prices, Ryanair and Easyjet would pull out, German Wings and HLX would become like dba, loss-making crippled airlines, and they might even eventually fade away.
And to be honest, I love the freedom to do a day trip to Venice, see a different country, a different style of living, a totally different world, without having to pay for accomodation, and paying just £20 for the flight (including all taxes) because I booked 3 months in advance. That's what Europe, the EU, is all about: Free movement of people, the broadening of horizons, the abolishment of borders, both national and financial (airline deregulation having now, finally, erased the financial obstacles to travelling)