It's more likely IAG and RYR who are the strongest European airline groups from a balance sheet and cash reserves perspective will be hovering looking to pick up the remnants of any airlines that fail.
MOL's prediction of years ago that consolidation would lead to only the big 5 (IAG, RYR, LH Group, AF/KLM Group, EZY) remaining might actually bear fruit if this continues well into the summer.
Share prices will rebound over time.
I'm not sure I agree 100%. Some governments will not allow their flag carrier airlines to fail unless EU rules force it. Can you imagine LOT or Czech or Alitalia or TAP folding?