It looks like they are cancelling a lot more. They also said they would reduce their capacity to Mainland China by 90%, and that seems to be accurate.
According to numbers I have been able to find online, it looks like Cathay Pacific and Cathay Dragon are in fact reducing the amount of flights by about 55% in March. I am sure this is still subject to change, depending on the demand, but I think it is likely that they will cancel more and not less flights.
The following routes has been completely cancelled until March 28, 2020:
- Rome
- London Gatwick
- Clark
- Jeju
- Davao
- Male (Maldives)
- New York Newark
- Washington
- Taichung
- Kaohsiung
The biggest cut seems to be between Hong Kong and Taipei, the busiest route, which is being reduced from more than 90 flights a week to just 4, and of course mainland China which sees a total reduction from about 370 flights a week to around 40.