Apply for promotion or leave outright?

My organization is experiencing quite a bit of turbulence. We missed budget projections so headquarters laid off a considerable amount of vital employees. Our suboffice is consolidating with another team, creating redundancies and a new org chart. A leadership position has been created in the shuffle and I have been encouraged to apply as a middle manager. What should I consider and inquire about prior to the interview process? Is it even wise to pursue the (potentially temporary) promotion as they attempt to right the ship or would it be best to concentrate on finding Plan B?

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