This is an extremely controversial topic... but I agree we need to take some time to breathe and think.
I would suggest monitoring this source of information to see how deep and more importantly, how long will this have an impact on airlines.
You will see scheduled flights have taken an huge drop in the last weeks. Some countries are dropping by nearly 90%!!!
On the brighter side (if any), China dropped by 71% then to recover to 37% (and then drop again)
By looking at this data, my interpretation is that the drop will be extremely significant but will also be limited in duration.
The issue is that most airlines have razor-thin margins...so, without support from governments, a lot of them will collapse... but i believe some others will come up!
The desire of people to travel and do business is much stronger than the individual companies
Stay strong, stay safe!
Alex
https://www.oag.com/coronavirus-airline-schedules-data