I did all of this in 2020 after the layoffs in the company I used to work for. It’s not the end of the world, it’s doable.
In my case, I couldn’t leave the country where I lived, I didn’t have the residency there and it wasn’t possible to get back home, because my home country closed the borders. I spent 3-4 months renewing temporary visa, having 2 year lease contract ahead and no job to cover the expenses. I managed to get a job, then another one, then return back home, then get an offer and fly to another country once again. My salary was substantially lower than theirs, but it somehow didn’t have a critical impact on my savings. I managed to get both of my cats through all of this, it wasn’t cheap as well. I think these guys are going to be fine, that’s my point.