That's what it feels like. How are we supposed to focus on work in these circumstances? It's just a never-ending restructuring with never-ending cuts. And I can guarantee you, even after they say it's over, it will be only a few months before they walk that back, for whatever reason. Is this our new normal?
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Yes. This will be the new normal. Anytime you start seeing massive layoffs, it will be a while before they stop. I have worked in several companies and saw enough of this mess.
You think it's over and can breathe again and it starts back again in waves.
Why are you complaining? It is what it is, just find a new job in a different company and that is it. It is normal nowadays to switch companies every couple of years anyway, no big deal.