The amount we are paid depends on supply and demand. When supply exceeds demand, the price falls. This is what has happened. But if the balance swings the other way, the price will rocket as the supply (for experienced captains) has an inbuilt lag of about five years. To make it attractive for an experienced captain to either remain with or to join your organisation, you'll have to pay the going rate - and maybe a sweetener on the top.
Or there again, you could take the cheap captains. The ones who are often written about (I can think of a few) in various reports, the ones with interesting training records which are shredded and strewn along the M6, the ones who miss-spell their names and so on. Unfortunately, for too many passengers, their abilities are far too often discussed on this site. But no matter what, I can not see the return of the "...salary and social cache roughly comparable to a High Court Judge" which it certainly was during the 50's and 60's. But any company employing "dodgy" captains will have to watch out as the calls from the lawyers won't be long coming.
Am I worth more than €45K. You bet. I'm worth at least twice that, maybe three. But I'll tell you for free, if the market rate is five times that, I won't work for less! And no doubt neither will a lot of my peers. This will be the true price of "Low Cost."
PM