I think what we are seeing right now is a major recalibration of the market space. Those that have piles of cash (Ryanair, easyJet, IAG, Lufty and KLMAF) will be able to pick off the weakest and consolidate their businesses.
Some people derided Douglas Fraser (the BBC Scotland business corespondent) when he said that we are heading for a 5 airline world in Europe, but I can see this becoming a reality. There will always be small regional and niche operators, but if those companies grow to a threshold size, they will be bought or merged with one of the "big five". It seems to be happening now, right in front of our eyes.
I suppose it is a Darwinian process....