It’s not due to any bubbles bursting, it’s due to fallout from Brexit, although nowadays no one likes to mention that word. The Pilots affected are those from the PMI and ALC bases who haven’t already moved to UK bases, and
they have apparently all have been offered a chance to move to UK contracts.
The ground staff redundancies are because the “resort check in” where customers check in bags the night before they fly back hasn’t really caught on.
The cabin crew job losses are also as a result of the final closure of PMI and ALC, but I don’t know if they have been offered UK contracts or not.