I have seen other airlines moving to this "voucher only" refund of cancelled flights.
There is little doubt that they have been communicating between themselves. I heard from a rather reliable source that airlines are asking the EU for some relief from EC261.
Currently, or In the near future, airlines are running out of cash and no banks will lend them more money. There are many possible scenarios. Among them:
- Airline honors their T&C until they run out of cash (let's call this bankruptcy as shortcut). Later they will restart in some leaner fashion.
- Airline will get nationalized as is considered by the French State.
- Many other scenarios.
Some very personal comments:
In countries where labor laws are flexible, airlines can adapt a bit better.
France had basically announced that the State would pick the whole tab for the pandemy (salaries, nationalization, etc...). They seem to now realize that it has many adverse effects and that the bill would be gigantic.
Relying on courts to obtain cash refunds is far from assured, even if the contractual terms are clear. The world economy cannot operate without airlines and countries might take emergency measures.
We are entering a WW3 period and nothing is assured.