My guess is the flight-cutting is in no small part because of differences in the number of planes they lease. AFAIK, American leases more than the others, so they can ditch a bunch of planes as soon as their lease ends and BOC can suck a dick. Or they renegotiate.
The airline industry is a fascinating train wreck to watch now. Business travel seems dead at least for the next year or two. If it weren't for powerful players like IATA we'd see much more airline related neverwasteacrisis policies now, I think.
On the other hand: I've already had two colleagues who flew to the Mediterranean for their holiday this summer, so I wouldn't be surprised if LCCs bounce back rather quickly, at least from/to safe-ish countries.