From speaking to a mate at Ryanair this morning. It seems the real cost of this new deal is a 10 euro per flying hour net cost to the employee. You only have to run the figures (based on circa 800 flying hours per year) to work out that this isn't a great deal. The new pilot will end up paying far more (in the long term) than he/she would've done under the previous arrangement.
I asked the question about how they can possibly bond freelance contractors, and was told that under the new deal the pilots will be actually be employees, but NOT employed by Ryanair. Apparently they'll be employed by a company called Bluesky Resources.
My friend has had sight of this new contract, and described it as being dreadfully punitive. One to avoid, unless you've no other option.