Also, the generalization "airlines" begs the question "Which airlines, and where about in the world?" since some areas and types of operations clearly have a somewhat better outlook than others. In Europe, things are slowly tip-toeing towards normality (touch wood). In the USA, there are some positive signs as well. In South America though, the situation is likely to get worse before it gets better. Due to the very nature of easing the restrictions on a regional and continental level before going transcontinental, short-haul will certainly recover before long-haul. Also, it's likely that low-cost carriers will recover before legacy ones since in times of recession people will be looking for the cheapest solutions possible, with comfort and status somewhat lower on the priority list. So, a forecast that may be applicable to a European low-cost carrier will prove totally irrelevant to a legacy carrier in Southeast Asia.