Do not be fooled by thinking that your colleague will go and you will stay. This is the worst of layoffs. Huge Chunk is coming off. Prepare for it. Make sure you have at least 1 years of savings handy and prepare for life ahead of COP.
Good luck! This is not the end of world instead a new starting.
In his biography Steve Jobs said "getting fired from Apple the company he made was the best thing that happened in his life'