Some green shoots are in evidence, as airlines begin to envisage the beginnings of a recovery to a new normal, lease payments resume, and financing initiatives bear fruit. Setbacks are still probable, but as we report across this issue there can be hope that the 'end of the beginning' may be contemplated. Cargo provides a ‘bright spot in a dark sky’ with new opportunities for P2F conversions; Regional aircraft and VLAs bear brunt of crisis; Ryanair and other LCCs set to seize network opportunities in Europe.