Considering the fact that the airlines’ market is very sensitive to the economic fluctuation, in this paper, we will analyze the impact of the 2001 and 2007 crises on the evolution of the European low-cost carriers, in terms of annual revenues and profits, number of routes, of transported passengers and changes occurred in the implemented strategies. In order to reach up this objective, we have conducted a complex analysis of the secondary data included in various international statistical reports, air transport journals, Official Airlines Guide databases and in the operators’ publications. The analysis of the information obtained showed that the two crises from the beginning of the XXIst century did not influenced very much the European low-cost airlines. In order to cope with the unfavorable economic situation, most of the European low-cost operators have implemented different strategies: while some of them have adopted a cost-cutting program, others were launching an expansion strategy. Actually, the largest European low-cost carriers (such as Ryanair and easyJet), took advantage of the unfavorable global situation, by offering more services at low prices in order to increase their market share and, consequently, the profits. Yet, the small and medium European low-cost airlines have better surpassed the 2001 crisis than the 2007 downturn.