Well its a bit of a moot point really, Flybe are not suddenly going to start spending their money on sponsoring old gits that they don't really want in the first place, just because of some EU anti-ageist legislation!
If Flybe are only looking to sponsor hot sh!t young maverick impersonators aged 20 or under, and the EU tells them they can't sponsor that kid and they have to sponsor some 48 year old stockbroker career-change daydreamer instead, because of some bollocky EU legislation - then of course they will just bin the scheme altogether. They aren't going to go out of their way to do something they are not obliged to do - spend money on training student pilots - unless they can get the ideal candidates. As so many on this forum love to point out, there are plenty of already-qualified young FATPLs floating about so why do airlines feel the need to sponsor in the first place?
Either way, the chances of 'older' people obtaining sponsorship are not going to rise above zero.