EasyJet's current struggles are fundamentally down to it's business strategy. Prior covid, they aligned themselves a competitor to the legacy carriers, taking advantage of number one or two network positions at primary, slot constrained airports. A strategy no doubt born out of the fact they had a good presence here already and could no longer compete with the likes of Ryanair and Wizz on cost. I'm not knocking them for that, it's a strategy that's worked well for them over the years.
Covid has shifted the sands in a way nobody ever thought possible, and yes, slot rules have given a great deal of protection. However, government bailouts to home carriers and the opportunities taken by other airlines to get into slot constrained airports, even prior to Covid, will make EasyJet have to rethink the way it grows in future. I think EasyJet Holidays came about from that realisation to some extent.
With that comes the network shift. Key long established markets like Berlin, where EasyJet have struggled to maintain market share, the closure of three UK bases and reductions in regional Italian airports. I do wonder what the future network strategy will be, and whether it is more bucket and spade, as competitors return traffic at a greater rate. I personally do not see EasyJet as having a long term future without some sort of acquistion or consolidation somewhere along the line, but I do wish them and their people well through what are still extraordinary times.