The music has well and truly stopped. Anybody thinking of training now is quite frankly certifiable unless money is no object and they don't need a job at the end of it.
There are going to be mass redundancies over the coming years; the consequence of a serious contraction in airline capacity within Europe. I would be surprised if there's any significant airline recruitment over the next five years or possibly longer. Anybody made redundant now, regardless of experience, will have to face up to the fact that there's a strong likelihood that they will never find another flying job.