Guidance on navigating down cycles

Are there folks on the vine who have experienced previous down cycles? Financial crisis of 08-09 or the funding winter in 16-17?

What would you suggest someone who has been laid off on how to navigate career trajectories given the uncertainities ahead. Many folks would have planned their career paths but due to the change in situations all of this has gone for a toss.

Should people settle for lower pays or lower designations? How does it impact the trajectory ahead

Other folks who have read about this or discussed this with others do pour in your thoughts