speaking to airline management this week and it really is a case of far worse of 9/11. lots of jobs going in airline management at head offices.
basically dont expect recruitment (for experienced pilots) to start again for 1-2yrs. Low hours or abinitio give it atleast 3-4yrs.
have a look back at the recruitment patterns 2004/05 post 9/11 for a better indication of what to expect.