The view now is that we just need to get through Omicron. Indeed the industry is gearing up for a return to normal after the Omicron wave. There’s hope that more borders will re-open, more employees will return to office, and there’ll be a return to normal travel and then some given intertemporal substitution – that people refrained from travel for a long time, and will make up for it quickly.
Underlying this belief are several assumptions, which are very much the ‘base case’ but are far from assured.