History tells us a surplus turns to a desperate shortage very very quickly, and while I fully support pilots accepting big pay cuts, when the boots on the other foot, they MUST MUST MUST either walk away to a competitor, or demand a massive pay deal to prevent them doing so (and compensate for the bad times).
And when that deal is assessed by the pilot, inevitably the behaviour of the airline during the bad times will be remembered, so airlines which think they are saving a bundle by slashing pay, will only lose it later by having to pay more when pilots are rare as rocking horse
. So for example, given an offer from both wizz and easy, I would in future need the wizz package to be about 25% above easy, because I now know that come the bad times, the wizz pay will crumble away in a second.