I agree that Mr Webster's comments are unfortunate.
Crucially, though, the present circumstances will not benefit the 'low cost' ('cheap') sector.
Passengers who use these ailines generally include a significant number of business people who like a quick check-in and fairly lax enforcement of hand-baggage rules, and expect good schedule-keeping. Then, there are those passengers who grab the opportunity to have a quick, cheap, weekend away. The former will find the travel experience no longer efficient and will travel less often, the latter will decide that they'd rather not get on an aircraft if they can avoid it, and no matter how the cheap carriers try to woo them with unbelievable deals over the next few months, their initial feeling will prevail. Past recessions weren't triggered by airliners being used as weapons of war.
As for the crews, there will be an end to whatever recruitment problems there may have been, for those with sufficient capital to continue to expand, and also an end to career progression as a huge open market in experienced captains opens up. The notion that all 'low cost' airlines can 'hack the pace' is false.
Of course, their share options are now worth a fraction of expected values, and won't grow rapidly.
All in all, another very sad period looms for the commercial pilot.