Settle down fellas
We will go thru a tough period but when the upswing comes - the last pilot shortage will look like a joke compared to whats coming, and the reasons are:
1) Large scale expected retirements in major airlines of senior flt crew over the next 5 yrs.
2) Banks in Europe and USA are not giving loans for flt training, therefore fewer new students.
3) A perception has developed that this is a hi-risk industry in terms of job security - fewer are attracted to the profession.
4) Low and slow return for a very high cost of investment.
5) Airlines cutting T&C of flight crew make for a less appealing alternative to engineering, law, medicine, etc
Flight schools in the US are struggling already, and there are those that have ceased struggling. For good.
All this means that greener pastures are ahead - we've just got to pull through this mess.