As a PM or project owner, your project and plan is simply collateral damage to the effects of a downsizing.  Once again, the pendulum is swinging back to the other side.  We are already seeing resource scarcity geographically, in tech, and related areas.  

__You can help the situation in several ways:__

 1. Talk up your project from an experience and benefits perspective (this will look good on your resume), make your project the most desirable to work on

 2. If the downsizing is over, can you say that the company still a good place to work?, 

 3. what's new, unique and different about your project that makes it desirable to work on?
 
 4. Make the project fun; find small rewards; have a [we accomplished x after hours meetup]; give out project coffee cups; and let people name the project or processes (let go some control and delegate more).  

There are a number of ways that you can make your project interesting and important by giving responsibility to others.  Let the team and the stakeholders carry the ball and sell the project.  If everyone feels a sense of ownership they're less likely to leave.

All that said, there is a lot of pent up job change desire in the workforce.  Many people have weathered the economic downturn waiting to move to a different job, or situation, or to change company. That is some of what we're seeing now.

Don't forget to take care of yourself.  Network, keep your resume up-to-date, and stay in touch with all the good folks that move on, by choice or otherwise.  Make sure every project looks good on your resume