Worst case scenario: this will play out just like it did in the maritime industry. This is to say all American flag legacy carriers will be unable to compete with the foreign flag model and go out of business entirely, just like the US cruise lines did. Foreign airlines will transition to the foreign flag model, just like SAS already is. New companies will be founded under a flag of convenience, seeking to take advantage of the changing market and a new oppourtunity. Foreign flag carriers will get their transatlantic feed from Spirit, Southwest, Jetblue and the like.

Best case scenario: few foreign airlines adopt the new model, and new startups find it difficult to grow and establish themselves at a healthy pace. Legacies need to cut back, but the large number of retirements prevent any furloughs.

This industry is always changing, the precedent has already been set, and it would be foolish to think that things will look even remotely the same in 10 years.