Whilst airlines are the most severely affected businesses within the travel industry, as soon as the epidemiological situation subsides airlines (previously existing or new ones) will be flying passengers all over, since airplanes, airport slots are relatively commoditized and highly regulated resources - in a broader way. If an airline goes bankrupt, airplanes are repossessed, then resold, stored, or put into operation somewhere else, sometimes in a matter of a few weeks.
I was reading, however, that lodging is poised for major chaos in Europe, especially small operations (family-owned or not). The bankruptcy of wholly-owned hotels (same entity owns the building and operates it) is much more complicated, given mortgages, liens etc. A fraction, maybe a large one, of family-owned small hoteliers might decide they do not want to restart all over after the crisis, especially with rapidly accumulating debt, if the crisis also affects severely summer peak season.
Another business model particularly hit by the crisis is the "buy-to-short-term-let" one, whereas someone buys a handful of properties in sought-after locations, then put the individual apartments/villas/flats for rental on AirBnB. It is often a highly-leveraged business where the owners, having entered the business using a substantial part of their life savings, sign up for 3, 5, maybe 10 mortgages and use short-term income rental to amortize. These operators have no way to keep all the mortgages on time if bookings completely dry up, and might face a serious and steep, if temporary, decline on sales prices.
There are some early-stage discussions for some sort of emergency measure that would prevent real estate hedge funds and very large portfolio companies from acquiring hundreds of lodging properties in major European cities on the cheap, although they might be one of the few providing the liquidity for those who need/want to sell right now. There is a particular concern in Italy, not only for the severity of the epidemiological crisis itself, but also because there is some talk about how lodging in Italy would be ripe for a OYO-style consolidation of small operators, i.e., some new well-funded chains that take over hundreds of hotels and B&B in a matter of months. Italy also has an unusual amount for medium-size non-major-chain hotels, which are under other sources of pressure that predate the crisis.
Another interest/pressure group is starting to agitate for an EU-wide temporary cap on commission rates charged by reservations sites such as Booking, or at least some statutory prohibition on commission rate discrimination (they wouldn't be able to charge a higher % for hotels not on chains (e.g. Accor) that have the power to push back on their fees as % of fees). I am unsure this would fly, let's see.
Other items on their lobbying wish list for a post-crisis market include some measure to incentive/force/cajole companies to give more freedom to individual business workers of large international companies to pick their own lodging instead of negotiating discount fares networkwide (e.g. Siemens negotiates a discount rate with Accord and send most of their employees on travel directly to Accor properties). I am not sure how feasible is this.
Finally, something I think it is much more likely to happen is a widespread crackdown on grey-market AirBnB, VRBO and similar rentals. They are too easy of a target for a post-crisis scenario where acute housing prices will be even more of a political issue, and vacation rentals within residential buildings/communities already carry increasing local concerns.