I think the current situation is similar or worse than the 1991 recession. That time it wasn't really until 1996 that things picked up for pilot recruitment. Sept 11th was a two year hiccup. This is a major five year belch.
Things will pick up again at some point in the future. The question is whether you can keep your license and ratings current until that point. Many can't, crash and burn.
Pay-to-fly will make it different this time. I think experienced 10,000hr pilots will be of little interest to the airlines that still have a pilot recruitment need. Of much more interest to them will be somebody with 200hrs, willing to write a cheque for £33,000 worth of type rating course (specified training organisation = kickback). Also he/she should be willing to work on a contractor and/or seasonal basis with minimal employment rights and on a 'B scale' wage. Willingness to deploy to any one of a number of EU countries at the drop of a hat an advantage.
Mr, 10,000hr Captain with second wife and three kids in Cheshire may find his CV closer to the bottom of the pile than the top.
Which is scary as I'm far closer to that than I am to being a Wannabe these days!
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