The survival of Courageous and Glorious is the likeliest route to the four-carrier strike. Their continued Mediterranean service could reduce pressure on newer carriers and sustain more fighters, spares, and operational decks around Crete. Leaving the older ships in that theatre could preserve newer carriers for the North Atlantic. If either survivor remained available when Force Z formed, the older carrier could accompany the battleships in the Far East and provide the air component the historical force lacked. The counterfactual still depends on Courageous surviving torpedo damage and Glorious not separating from support without an airborne patrol.
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Surviving carriers, Crete, and Force Z
Keeping Courageous and Glorious alive could leave older carriers in the Mediterranean, preserve newer ships for the Atlantic, and provide a flight deck for Force Z.