The Eurocontrol network manager is very optimistic and predicts a rebound of traffic as early as May and around 80-90%f of January traffic by October . .They have normally very good data , but I have a bit of difficulty to see this coming .
On the other hand IATA has a much more pessimistic view ..:
IATA analysis indicates that on average airlines started for the year with approximately two months’ worth of cash in reserve. In recent weeks, as the crisis has worsened, many airlines have been paying out more in refunds than
they have received in new booking revenues, meaning that their reserves are rapidly depleting. In short, the industry is coming to a standstill.
Many European Airlines are currently in grave and immediate danger of insolvency.