The airlines will recover.
It will occur AFTER all the major airlines have significantly reduced their obligations under their major union contracts. In short, they are going to deliberately stay deeply in the red until they hammer pay and benefits back down to the levels of the early and mid 90's.
The common folk will cheer and be glad those dang "unions" finally "got theirs".
Airfares will then rise incredibly fast from where they are today and CEO and top management will award themselves billions in salary and bonus money.
The common folk will pay thru the nose for even worse service (small cities and communities will have greatly reduced service; there'll be more waiting time in "hubs" to fill flights to the max. No empty seats in between the touristas.) from totally disgruntled airline employees.
Enjoy!

I wouldn't buy UAL right now.