I'm tipping that when the dust finally settles, only a handful of mega airlines will remain. These will either have been nationalized, backed by middle east oil money, or resultant from take-overs and mergers. Some countries unable to afford their own national carrier will have to put pride and political differences aside and form alliances with like-minded neighbours to perhaps run one airline owned jointly by several governments.
Those countries which provide aid to poorer nations would do well to insist no aid money goes towards propping up unviable small airlines. Let them fail.
Would such mega airlines be efficient or profitable? Probably not - history tells us large aviation enterprises often do not run well because of infighting, bickering boards, bloated management structures, cronyism, corruption etc. But they will still be better placed to withstand losses than the public/private sector. Many investors have already lost their appetite for airlines, with more about to cut their losses and run.