It now looks as though the skies over Europe, and much of the rest of the world, will be empty for the next few weeks or months. Under normal circumstances, few airlines could survive such an event.
I suspect we will soon see a G7 or G20 meeting (virtual, of course), to decide a common approach to the fall out from Covid-19. I also suspect that this will entail some multi-lateral agreement to extend contracts, give interest payment holidays, and preserve currently constituted legal entities. It would entail World Bank/IMF support for money printing which, if done in a co-ordinated manner could have a neutral effect on currency values and inflation.
The US, Japan, UK, China and the EU would be the prime movers. With that sort of agreement, this could be an uncomfortable, but temporary blip.