If you are Ryanair and laid off you will....
Get your job back?
Have the opportunity to work some where else or have fun. Who knws, perhaps both?
If enough people do not volunteer for laid off then some will be forced to lay off?
If you do not lay off, you will be fired?
If not enough lay off, some will be fired?
If that all is correct, then put affairs in order and prepare for unpaid holiday. Get towel in first for crew on dive boat live aboard in Red Sea.
For sure the company can do this. They give you a chance to keep the job through a bad time.