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@gbj_tester
Slow and low is the only way, which will be hugely expensive and may eliminate some long haul destinations if current airliners have to fly the first 1000nm or so below 8000', thanks to the big increase in fuel consumption. There is also noise pollution to consider, not to mention a huge issue with control when you effectively have only 1 flight level.
The passenger transport issue is trivial, as most of it is entirely discretionary and most of the rest could be eliminated by adjusting work practices, but there will be some serious head scratching going on in the supply chain management business. Nobody was using air freight just for the hell of it, so there will be an inflationary effect at least in the short term as people adjust to life without 48h global fulfilment.
I'm sure Hippy is right that EU governments will panic and bail out their airlines, because politicians can't resist stealing our money and giving it to their friends in big business.