Productivity has been down for months and it's not going back up for a long time. Morale will continue to be low since the people that are left just saw their friends get laid off.
There will not be any loyalty left for the company. People will leave in droves as soon as they find out if they got a package. I wouldn't want to left at this company.
Anywhere will be better.
Unfortunately in any merger, there are usually mass layoffs. That is normal.
What is horribly unique to this situation is how inhumane they are always done. As well, how incredibly clueless and out of touch leadership truly is. Most of them can't do the job of the front lines people they are terminating.
For those of us that left before all of the chaos, let me tell you that it's pretty good on the other side. Yes, you'll find a job. I would get my resume out there right away. It can't hurt to see what response you get.
The stress just isn't worth staying there any longer than you have to.