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True but those flights are low margin, low revenue and will require the EU to act like a block and assume everyone in the EU has the same Coronavirus risk profile and thus can travel freely between countries.
I think that travel will become more expensive as a result of the virus and holidays will be further apart and grander, and more likely to be long-haul to 1st world countries which will benefit bigger airlines. This is my hunch.
It's as likely as any other to be totally wrong though.
I think the smaller carriers will go or be consolidated, especially by those ex national airlines that will be state funded to survive and are in alliances. BA, American, Iberia look like decent bets on a 24mth view