I suppose the management could do nothing and let Aer Lingus go the way of Sabena etc in which case even more pilots would be out of work.
It's not going to be pretty, but if Aer Lingus is going to survive then it must cut costs. If it doesn't succeed in cutting costs then I would suggest you start looking for a new employer. I would imagine Ryan Air will be hiring if Aer Lingus goes belly up!!