Humans become very irrational creatures at times of distress or panic. These irrational emotions can be very harmful for themselves and the people around them. Nothing can compensate for people running around and possibly killing each other from a panic. This behavior is just unacceptable and no compensation can be held for this shortcoming in human beings.
Rationality is a learned art, not an inborn human trait. It can be studied like any other skill. By becoming more aware of logical fallacies, humans can train themselves to think more critically. For instance, the planning fallacy states that humans almost always take longer to complete a task then they think they will, unless it is something they do very often. If one is aware of this fallacy, one can work to avoid it by purposefully overestimating - though the planning fallacy also states that this 'overestimation' is almost always an underestimation. So yes, humans can compensate - it just takes a lot of work.
It is possible for humans to compensate for their shortcomings in rationality. All people have faults and shortcomings, and rationality can sometimes make up for these things. A person can think to themselves and also explain to other what their problems are caused by and how they try to make up for it in other parts of their life.
If a person is not a rational person, they could compensate for their shortcomings in other ways. Maybe they will excel at art or music or philosophy or some other area where thinking outside the box is not only helpful but preferred. Rationality serves a great purpose, but not everyone can or will be very rational and they definitely have a value in society.
If irrationality were completely removed from the human psyche, the human race would erase itself. The only way to return the planet to the most productive and functional system is to remove the Human race entirely. That is the rational decision. Without that, all humans can do is try to regulate their behavior to only slightly irrational. Think about rationality next time you order food based on taste and not content. The flavor lasts maybe ten minutes. The contents are in your body for 8 hours. What is the rational decision?