Public transport systems around the world are facing financial crisis due to sharply reduced ridership brought on by the COVID-19 pandemic. Ridership is down 50-90% in many areas. The author outlines a 3 stage process for recovery: 1) social distancing with reduced services, 2) a transition period with gradually increasing demand, and 3) developing a new configuration with new revenue sources, infrastructure investment, and fleet modernization. Significant government support is needed to preserve jobs and operations during this difficult time in order to avoid system collapse and encourage use of more sustainable transport options for recovery.