Chicken Little was right.......the sky is falling!!
As to the future of companies going tits up, it may/probably will happen but remember that the customers are still going to be there. People will still need to fly from A to B and presumably back again. For each company the goes under, a new one will rise from (excuse the pun) the ashes and quite likely fly their old (or not so old) aircraft.
While this is a very big issue for you guys up north, at some stage the eruptions will stop and hopefully a nice bit of rain to quickly wash the air clean. The industry will recover as it has after past disasters. You just have to wait for the short term pain to pass.