88 Billion is a big number but if you look at Revenue KM flown, it is still only two third of what it was at the pre pandemic level of 2019 or before.
Even when pandemic was over, EU ban is not helping. If you EU bad is removed, in my opinion two third of the losses will be arrested. Rest i.e approx 29 Billion PIA have to manage by bringing house in order.
UK might help a bit, not sure about EU. Very less people will be willing to fly LHE-OSL-CPH-LHE or LHE-CDG-BCN-LHE, that too on an ageing 777 with no IFE. PIA should try to restore the codeshare with Air France and codeshare for US and EU from a single station rather than 1-2 weekly flights to BCN, OSL, CPH, CDD and MXP. A321/A320 neo will be perfect for EU.