EasyJet, a U.K. low-cost airline, says it plans to cut up to 4,500 jobs and shrink its fleet in order to adjust to the smaller air travel market which is forecast to emerge from the COVID-19 crisis.

The airline employs more than 15,000 people in eight countries across Europe. The decision to slash jobs comes a little later than similar decisions by other companies due to the biting effects of the pandemic.

The world's aviation industry is one of the worst affected by the pandemic, with many carriers forced to suspend operations and announce massive job cuts.

More than 15,000 jobs have been lost in the U.K. aviation industry as it prepares for a market which is not forecast to return to 2019 levels until 2023.

EasyJet, which said on Thursday it would launch a consultation process with staff, also plans to shrink its fleet by 15% to 302 planes by the end of 2021 and to cut costs through deals with airports, maintenance suppliers and in marketing.

Shares in easyJet rose 6% to 751 pence, their highest level since mid-March, before coronavirus grounded its fleet.

"Exactly the kind of overhaul the cost base needs," Bernstein analyst Daniel Roeska said of easyJet's cuts, which go deeper than those of Ryanair (RYA.I) and Wizz Air (WIZZ.L), who have said they will lay off 15% and 19% of staff respectively.

EasyJet said it expects to be flying around 30% of its capacity by the fourth quarter, which leaves it trailing Ryanair which is planning to fly 40% in July.