easyJet aren't the only airline to have major orders for aircraft. Nobody is suggesting that IAG should cancel its aircraft orders, instead they are speeding up their fleet renewal programmes by getting rid of older, less efficient aircraft.
There will be some failures as a result of all this, that is inevitable. With that though will come some winners. As a business a balance sheet among the strongest of any airline in the world, easyJet needs to be in a position to capitalise on opportunities going forward. The options that new aircraft will bring will be necessary. That doesn't mean there shouldn't be the option also to reduce the fleet if required. Indeed, that option has been in place within easyJet for some years now.
No one knows the true extent that the industry will be damaged and it would be foolish of easyJet to cancel the order at this moment in time. Stelios wants the airline to focus on profits but that requires increasing yield and if the rest of the market isn't focussing on that as much then market share becomes crucial.