A jury at the High Court in Dublin ruled that publicity by the airline implied that Ms Davison was racist, xenophobic, jealous and narrow-minded.
The case centred on a press release posted on Ryanair's website in November 2008 in response to remarks Ms Davison had made in a newspaper interview.
When asked what she thought of the lack of Irish women in the Ryanair's 2009 calendar of bikini-clad cabin crew she said: 'If I was (organising) it, I would have made sure Irish women were involved because it's an Irish charity and Irish fundraising."
The airline's release said her comments "bordered on racism and demonstrated an elitist attitude against Ryanair's international cabin crew.'
Her barrister argued that Ryanair's reaction to her comments were "grossly disproportionate" and had damaged her reputation.
He said: "The damage is still being done," referring to the statement still on the airline's website.
"The fact the defendant still hasn't apologised is still out there."
Victory for former Miss World who sued Ryanair - AOL Travel UK
