Although this sounds like a crackpot idea, Michael O'Leary is a shrewd businessman and I suspect he has done some research to check the viability of this. He must be aware that there is a ready market of punters willing to stand for anything, excuse the pun. Safety should be the issue but actually isn't. Cheaper travel on short flights is the issue and one must remember that although airline travel is very safe, there are many safety related products and systems that are not incorporated into commercial aviation due to costs. But people still fly.
Look at the giant Airbus A380. Latest technology but people still face forwards.
Military transports favor rearward facing seats for safety reasons, but the airline industry feel the pax won't like it. So it doesn't happen. If a fully loaded airbus crashes, over 500 pax face death. But that didn't stop A.I developing and building it. I won't use it......tooooo risky.

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