happy,
With your experience and quals, there are any number of jobs available to you.
You would probably have a good stab at DEP (e.g no cost for type rating) with easyJet, who have bases in,France, Germany,and probably soon elsewhere in Europe. Much nicer company and better paid than contracting with FR.
Even if you were to go for FR, I would think in their current shape you should get a permanent position, not contract.
I think you might be bringing a US mindset to Europe. We are all aware just how dire the situation is over there and exectley how lousy a regional job there is.
Someone of your experience would be well qualified for any of the best FO jobs available here (BA long haul and commute from where ever you want to live perhaps?), with an accelerated command in any of the expanding ones.
One other idea- Netjets is recruiting here. Again, it would be a quick command, no money for a rating, the pay is comparable (SLIGHTLY lower) than Airlines, and you can live any where in Europe you like as long as you have access to an international airport (Which disqualifies a few villages in the Alps, but that's about all.
Any catches with the contract? YES, It's RYANAIR!! I believe one trick they'be tried is to lower the contract rates for people once they've started. If they refuse, they get no flying!!
Ryanair is an employer of last resort for most. Most newbie Ryanair pilots have 300hrs straight from flying school.You don't sound like you fit that catagory.