The core problem is that the airlines fixated on returns and their stock price with little focus on disaster planning. They cut costs by slashing their frequent

The core problem is that the airlines fixated on returns and their stock price with little focus on disaster planning. They cut costs by slashing their frequent flyer programs, buying more fuel efficient planes, and for American, they cut some really badly performing routes. For any of the majors to make a real comeback after Covid, we'll need to see how much of their bread and butter (corporate contracts) comes back and how quickly. If there is a severe lag in that money flowing into the airlines, consolidation isn't far away.