A few things are different in the airline industry today vs during the lost decade.
Today, (pre-covid) most analysts feel that we have reached optimum consolidation within the major/legacy sector. Those unions are well established and not likely to slide too far backwards re: concessions. We are also not likely to see many new entrants be successful in driving the wages way down.
The same goes for the regionals. This was (pre-covid) probably the area within the industry that still had some room for consolidation, but by in large had whittled itself down from the plethora of true mom and pop regionals operating turboprop service. Most of these regionals have union representation and the contracts will put them in a better place than during the lost decade. It will also be prohibitively expensive for small startups to try to usurp the industry and union contract protections.
Also of note, is that many, if not most, of those who were stuck in the lost decade the first time around are now at their "forever" airlines. I would hazard a guess that even with the risk of furlough, based on the sacrifices to get to where they are today, they would rather take furloughs over deep concessions that would be near impossible to claw back. We're also seeing many pilot opting to take early retirement. Those guys aren't coming back in 5 years when the industry is expected to be back And then it's likely that we'll be right back where we were, when all the regionals were clawing to get meat in the right seat. During those 5 years, you'll also see some attrition, people will find other employment and not want to start over. That 14 year regional lifer that just lost his job, probably won't be in a position to start over as an F.O anytime soon, so he'll need to beck filled somehow. And a bunch of new CFI's might not be able to stick it out 5 years. Which will contribute to a new pilot vacuum, though probably not as deep as during the lost decade. For those in the industry right now. I think it's all about waiting it out.
But then again, I read all that in a fortune cookie