The low-priced Irish airline is forced to cancel up to 50 flights every day from today until October 28 because they "messed up" plotting their pilots' schedules and holidays, BBC confirmed.
Pilots in 33 airports across Europe were roundly rejecting the cash offer, instead demanding improved working conditions in their contracts to take on extra work before October 31.
He told shareholders six weeks of cancellations, which he previously admitted was a "mess", has cost the airline about €25million.
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He dismissed talk of possible industrial action, including reported plans for a work-to-rule, saying: "There isn't a union".
The root cause of the massive flight cancellation was because Ryanair had a change in the system on how they organized their holiday year, which resulted in a pile of pending staff leaves that need to be taken.
Former airline pilot Terry Tozer told Julia Hartley-Brewer: "They've not been treated, and in fact even when I was still at it, pilots were not treated as the highly trained professionals that they should be by many companies".
Alex Neill, managing director of home products and services, said: "It's outrageous that Ryanair passengers who have had already to endure huge inconvenience are essentially being double charged for booking seating and luggage".
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O'Leary revealed that about 400,000 booked flights will be canceled.
Mr O'Leary also announced he is planning to slash pilot holidays from four weeks to three with the remaining seven days to be owed in January.
It said new contracts "should help stop the large number of colleagues who are leaving for 'greener pastures'". With pilots rejecting the latest offer, there is a risk of more cancellations in the future.
Separately, some Ryanair pilots have spoken to the BBC about a "toxic" atmosphere and how they felt "undervalued".
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He said Ryanair expects by the end of this week to have re-accommodated (or authorised refund requests to) over 95% of the 315,000 customers affected by the cancellations.