They will be in decent shape if they are responsible with their savings and expenditures. If we look at just gross income with no deductions for an Ontario employee;
$40,000- After-tax income $32,845 v. $250,000 - After-tax income $153,683 There's more than enough to put food on the table and to pay the utilities, I expect that most should have been able to save at least 10% per annum and can draw down on that for the month that there may be a strike. At settlement, there will probably be an immediate cash bonus that should more than cover the cost of the draw down or short term financing. There would be no need to do a Roy Orbison karoke version of crying. The cabin and ground crews would would be happy to get this.

Let's say they do hit the pavement. I give them a few days at most. The current government is terrified of a strike and the pilots (and airline) will have a hostile reception. Much of Canada's workforce is not unionized (70%+) and the majority of passengers can be expected to be unsupportive.
If ordered to arbitration, we can expect a work to rule campaign and lots and lots of flight disruptions. This would be worse than a strike because the airline will be canceling flights with little notice as pilots come up with sickness and time outs and discomfort with aircraft motives not to fly.