The cuts on 30-50% assume a lot of traffic returns.
Based on coverage of the various earnings calls, that's still not happening. They're all hoping "pent up demand" will result in bookings, but everyone I'm hearing from says they're driving if they go anywhere... Nobody is talking about going to a beach resort in the islands, or on a cruise. Theme parks may not open for months. Some businesses won't allow people to go to conferences or overseas because of liability. Europe? Asia? Brasil? Forget that for the rest of 2020.
By my guess, there may be 5x as many workers as there is work for airports and flight crews right now. Figure out where that 50% mark is, and assume everyone below it hits the street. If travel doesn't pick up, move it up by 5% a month between now and October...