I still don't get it. LH just posted €188M (about $300M) operating profit for the first quarter. And it's not like their fleet was only made up of super-efficient new jets. They are operating quite a few B744, A34x to the East Coast where an A33x would easily do the job. And on short haul, they are still operating a substantial number of B737 classics and Avros.
And I don't have the impression that the other European majors are starving, despite fierce competiotion from thriving LoCos on short and medium haul.
Don't tell me the labor costs are lower this side of the pond...