The flight cancellations from last week are expected cost the company less than 25 million euros ($30 million) and the free flight vouchers issued to affected passengers will also be less than 25 million euros, the company said.
A former Ryanair pilot said the carrier can't rule out another batch of cancellations.
RYANAIR have confirmed the 34 routes suspended from November until March - affecting up to 400,000 customers.
The latest cancellations are meant to fix Ryanair's rostering crisis by slowing growth during the winter period (November 17 to March 18), according to a statement from the airline.
Mr Haines continued to say: "They are entitled to compensation and if there is a cancellation they are entitled to be re-routed by other airlines".
Ryanair said by reducing its flying schedule in this manner it would cut the risk of further flight cancellations, with spare capacity created across its 86 bases this winter.
"In order to focus on repairing this rostering problem this winter, Ryanair will eliminate all management distractions, starting with its interest in Alitalia", the statement said.
In a brief statement, the airline said: 'We already comply fully with all EU261 legislation, are meeting with the CAA and will comply fully with whatever requirements they ask us to'.
The airline described the measure as cancelling less than one flight per day per airport across 200 airports.
The total sum of Ryanair's flight cancellations is estimated to be 25 million euros (£21 million).
The Civil Aviation Authority (CAA) announced it had launched enforcement action against the Irish airline on Wednesday night, accusing the carrier of "failing to provide customers with the necessary and accurate information relating to their passenger rights, particularly around rerouting and care and assistance entitlements, which includes expenses". The information Ryanair published [yesterday] again fails to make this clear.
But because passengers are this time being given up to five weeks' notice of the cancellation, they will not receive any extra compensation under European Union passenger rules. They should start to receive their letters later this week.
Ryanair said the vouchers would cost it less than €25m on top of the nearly €25m bill that it will shoulder because of the cancellations announced last week.
The grounding of planes to the end of next month was already set to cost the company 25 million euros ($30 million) - five million euros of lost profit and 20 million euros in compensation under European Union rules - O'Leary had said. Experts have suggested that Norwegian Air has been poaching Ryanair's pilots.