sorry to hear about your former colleagues. if things are that bad in the industry you work, i would not quit my job because i'm a risk averse person.
maybe try looking for a new job and set your start date accordingly so that you can take a 6 month vacation in between the jobs?
Thank you for pointing out the nuance i failed to articulate. Difficult to take just an year off. There is oversupply in the industry i work in and once you are out, it is difficult to get back in. Several of my former colleagues are still unemployed, several years after having been laid off.