S.O.E. has it spot on, and we have said this before in these forums. The REALLY bad news is that - almost EVERY company is in the same situation. I don't just mean airlines but ALL commercial companies. Further, the expectations of what govt can do fall into the same category.
As Western civilization collapses we are indeed living in 'interesting times'. Of course, the Western world will recover and gain the upper hand once again - in about 750 years! But global warming may well have taken over by then, so enjoy what you can whilst you can.
By the way, reputable people are reported in the UK press today as stating that the country is already in recession. But then, we could all have told them that months ago!! This was always going to be a double dip recession.