I feel for this situation. It's certainly a difficult place to be in, but, being put across that way, it sounds like there's still some hope. Being put in a holding pool is somewhat better than being dumped altogether, as was the case with other carriers. easyJet didn't let go of your son completely, they just postponed his final bit of training and employment till better days, as I understood.
What I would suggest for now is wait for the dust to settle. In the next months we'll have a far clearer picture of what we're dealing with - hence, both the company and the flight school will know better what to plan on. Do maintain some communication with whomever is listed as your point of contact - that's what will help you decide whether you should keep that licence and wait it out or convert it to an ATPL and try to find luck elsewhere. Perhaps either of these is not going to be a quick fix, but for now we know too little to decide firmly on anything.