While the situation right now is pretty dire, and may well get worse temporarily, there will be a recovery eventually.
If you are about to invest in an integrated course, and you have the facility to delay for a while, I'd wait for six months or so to see how things pan out. If you're starting the modular route you have less need to do anything precipitate, but I'd time your graduation for about 18 months to 2 years from now, by which time we should have passed rock bottom.
If you're already in training, you're likely to face a considerable period of job-searching when you finish. No-one will think the worse of you if you decide to go back to your old career to wait out the bad times.
Crisis? You bet, but it will pass. My kids are depending on it!