Chief Executive Dermot Mannion was speaking in a webcast to staff after setting a deadline of 15 December for employees to apply for a voluntary redundancy or early retirement package.
He said he could look any member of staff in the eye and say the proposed early retirement package was as good a deal as any member of staff would find any time soon in the current climate.
He also warned that in light of the deteriorating situation, the airline might never again be able to offer an early retirement scheme.
Last week, the company withdrew from negotiations with SIPTU on its plan to shave €50m off staff costs with the loss of up to 1500 jobs.
Mr Mannion confirmed losses for 2008 would exceed €20m, with further significant operating losses forecast for 2009.
While fuel prices had improved, consumer demand had deteriorated significantly since the end of August.
He said it was absolutely critical that the company address its cost base in the 'next short number of weeks'.
SIPTU National Industrial Secretary Gerry McCormack accused the company of trying to by-pass normal negotiating procedures by imposing redundancy terms unilaterally.
The union has advised members not to respond to being pressurised into accepting redundancy.
The union will reveal the result of its ballot for industrial action tomorrow.
The airline wants to outsource ground operations, use American cabin crew on some transatlantic routes, and close its cabin crew bases in Shannon and Heathrow.
In a staff information bulletin issued this afternoon, the airline says the package is only open to all eligible employees in cabin crew, cargo operations in Dublin and Shannon, and catering and ground operations in Cork, Dublin and Shannon.
They say the process to address the current cost base is now at an advanced stage, and that identification of various preferred external service suppliers is imminent.
The company will be writing to individual staff members outlining the options applicable to them over the coming days.
To qualify for voluntary severance, staff must have more than 18 months continuous service, be members of the company's defined benefit pension scheme and remain in employment until 23 March 2009 or such other date as the company may specify.
To qualify for early retirement, employees must have more than five years continuous service. They must also be members of the company's pension scheme.
The company will also be opening a helpline from 13 November to answer staff queries.
The Irish Congress of Trade Unions is to contact relevant government departments and the other social partners in a bid to avert potential industrial action at the airline before Christmas.
