Iceland is set to welcome a new budget airline in autumn 2019 with the help of the Ryan family. The new carrier will be backed by Avianta Capital, an Irish investment fund owned by Aislinn Whittley-Ryan, along with Neo, a company jointly owned by Arnar Mar Magnusson, Sveinn Ingi Steinporsson -- both ex-WOW air executives -- as well as Bogi Gudmundsson and Poroddur Ari Poroddsson. Avianta will own a 75% stake and Neo will hold the remainder.

The carrier, currently dubbed WAB air, will be established on the foundations of defunct WOW air. WAB plans to initially operate six planes in the first 12 months and fly to 14 European and North American destinations. Additionally, the airline hopes to carry 1 million passengers with revenue of US$158 million in its first year.

Avianta Capital plans to invest $40 million into WAB, with the funds partially secured from two Icelandic banks under one-year facility agreement. The remainder will be sourced from a Swiss bank.

The previous CEO of WOW air, Skuli Mogensen, is not involved with WAB air.