There are lots of ready-made new route opportunities about to open up for FR as other airlines drop routes. BA are expected to reduce short-haul services. When they do, FR will be offering 1p fares on a similar route, and picking up the volume.
They will look at opportunities like that wherever in Europe they occur. If Alitalia were finally to collapse, FR would be enhancing their services from CIA and BGY to the destinations once served by AZ, or a field nearby.
I for one don't believe the wheels have fallen off the model yet.