a great many pilots, in many countries across Europe, have been made unemployed over the last few months. With the best will in the world, it's going to be a considerable time before thse pilots are re-absorbed into the system. For now, there are around 10% fewer pilot jobs in Europe than there were before 9/11.
Since September, the various flying schools have continued to pump out hundreds of low-hour frozen ATPL-qualified pilots into this pool of unemployment, and there are many hundreds more in the pipeline. So, on the face of it, things don't look optimistic.
That said, the low-cost sector is undergoing tremendous growth just now, and will soon run out of their preferred type-qualified recruits. They will then have to cast their nets somewhat wider, and I have already heard tell of one or two lucky low-hour candidates who have received job offers. The major airlines are also reporting better-than-expected recovery, and many have taken back some of those they laid off.
One swallow does not a summer make; it's going to be some time before we can say that there is a reasonable chance of finding employment in the airline industry in Europe. But you have to make your decision sometime, and I'd advise you to time your entry to the market sometime around 2004 - if you have a choice.
Best of luck