Tinstaafi is correct - the only shortage at the moment is for pilots of the right experience levels on major current aircraft types - Boeing, Airbus etc. There will never be a shortage of low-time dreamers with fresh Commercial licences and no more experience than endless hours on Cessnas and Pipers built in ideal weather conditions in Florida with the bare minimum twin time to get their ticket.
If you've got 3000 hours plus on 747/757/767/320/321/330/340 etc then options are available. A 737 rating, two eyes. two arms , two legs guarantees a job with low-cost carriers in Europe - Ryanair, Easyjet etc.
The 'shortage' has always been just around the corner - so has the flow of ex-military pilots who jump ahead of the kids who for some reason see airline flying as a great new career - sorry, that sounds cynical - just back from long night flight !!!!!!!!!