It is their "opinion" based on the data they have collected.
Doesn't mean it is wrong or right as they will not have access to internal information.
A short sharp shock could kill demand for 3-6 months....... low margins mean less chance of surviving.
Post 9/11 everything changed and everybody claiming they would never fly again.
In Europe Ryanair went to 1p fares and amazingly all those who would never fly again decided a few days in Barcelona (via Girona) was ok........ Yup they saved the company and in reality quite a lot of other airlines and tourist industries as well, it was about perception of being safe.
But a similar incident now may be more difficult because of social media.