If enough people come forward for one of the options then no-one need be sacked. I'd rather have a reduced salary for a few years and a job to come back to than nothing at all. If I were about 7 years older ( around 107 the way I'm feeling) then I would probably shrug and take the money, the kids will be grown up by then and all debts paid, but at the moment the jobshare option looks mightily attractive.
Most companies would just have chucked 300 pilots on the dole with no choice or argument. A union would not, in my experience have helped since the reps tend to be senior people with their own agendas to protect and would happily sell their fellows down the river providing they were protected. (Cynical,? yep, been there done that and have the scars to prove it.)
This is a rotten thing to go through but at least there are options this time round rather than two weeks notice and a P45. Things will improve and in the meantime you might even find something better.
If life hands you lemons, make lemonade.
Ain't prozac great?