With today’s announcement that the UK population has voted for their country to exit the European Union, many are wondering how such a decision will impact the tourism sector.

One industry in particular involves the low-cost/no-frill airlines that are based in the UK and till date benefited from the EU’s Open Skies.

EasyJet declared this morning that UK’s exit from the EU “won’t have a material impact on its strategy” although a few days ago a statement by the airline warned that a Brexit would spell the end of rock-bottom holiday fares between the United Kingdom and the rest of Europe.

Ryanair had also pronounced their views before the vote and now Ryanair’s chief marketing officer Kenny Jacobs has been reported by the Irish Times to describe the outcome of the referendum as a “shock,” adding that he expects air fares to rise across Europe as a result, making travel more expensive and difficult.

In parallel to all this, BMI Regional’s CEO, Peter Simpson, signaled the airline may reconsider being based in Britain. “Our continued business domicile as a U.K. entity is less than clear at this point in time,” he said. The carrier had expanded heavily outside the U.K., he said, so it is wary of potential barriers to that growth.