The airline says their future growth at the country's busiest airport hinges on Dublin being able to cope with demand.
Ryanair's Head of Communications Robin Kiely told the Irish Independent that they support a second runway being built at an appropriate price.
"If Dublin Airport isn't able to offer the growth opportunities that we want then those passengers, those aircraft and those flights will go elsewhere."
"If Dublin is realistic about growing, particularly its transatlantic hub, then it certainly needs to look at its facilities."
"If they are going to build a second runway then do it at an appropriate price. It shouldn't cost that much to build," said Mr Kiely.
The Dublin Airport Authority (DAA) has confirmed it is examining various options regarding the delivery of a second parallel runway, but have not yet made a final decision.
"A second parallel runway has been part of the overall development plan for Dublin Airport for several decades and we're fortunate that land was earmarked for this project many years ago within the overall Dublin Airport campus.
"The various options relating to its development will be carefully considered before the company makes a final decision on the best way forward," a DAA spokesman told the Irish Independent.
The DAA said that it would not be "appropriate to speculate on the potential costs involved" as they are considering the various options relating to the potential development of a new runway.
Mr Kiely says that lessons need to be learned from the construction of terminal two at a cost of 600 million pounds.
"We welcome anything that will continue growth and development. It can't be at the expense of the Irish taxpayer and we don't want to see the same sort of wastage that was blown on terminal two."
"They could have built it for a far lesser cost. That is the fear and concern we have."
"We're going to continue to grow in Dublin, but it's important they (DAA) have that forward planning and look to see how they can grow Dublin as a destination, as well as the airport facilities," said Mr Kiely.
The Ryanair official added that a second runway would mean that airlines have more choice, and extra capacity to bring in flights and increase schedules, all leading to a better service for customers.
A second parallel runway has been part of the plans for Dublin Airport since the 1970s, and land at the airport was safeguarded for this purpose for several decades.
A planning application for a second runway was submitted in 2004.
In August 2007, DAA received planning permission for the construction of a second runway.
However, due to the economic downturn, DAA announced in 2009 that it was postponing the construction of the runway.
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