Not so sure that LCCs will go down. As I said before, in times of recession businesses/corporations reduce costs by insisting that staff (including mid-level executives) downgrade from the Legacy carriers to the cheaper (theoretically) LCCs. This is certainly applicable to the USA where most major LCCs serve the main airports. In Europe, however, it may be different because most LCCs serve secondary airports miles away from business centers. There will be a number of casualties in Europe for sure. In contrast, RYR will most probably survive through brute strength (and selling off part of their fleet to the expanding airlines in China/India).