airlines are definitely heading for really tough times but it won't be obvious until the end of summer as most of the passengers booked their holidays long time ago and hence the flights are still profitable.
Give it till october and you will be seeing many companies cutting costs through staff reduction etc etc.
Not a good time to be a pilot. Probably good to be debt collector at the moment.
Also look at the link below to see typical issues faced by airlines staff at times like this.
pilots