It's not a crash / downturn / new normal for a business started now. They don't have a lot of parked planes they have to pay for or staff costs for people that have nothing to do, or now massively oversized other fixed costs for an airline 4 times what they are flying. Their start out cost base will be where other airlines are trying to get to through negotiating pay and lease reductions. And what for established airlines will just be a (partial) future return to normal will for them be a giant upswing. Add in a bit of what others can't do because it isn't like it used to be and you could be on to a winner.