Back in 2007 I did think the world was on the brink of collapse. And it was. We didn't see as much of a collapse in EU airlines as I thought we would have. So things didn't turn out as badly as I thought they would.
That said what actually has happened is the pain has been deferred by slashing interest rates and printing money. This is Not Good over the medium and long term. The medium term is pretty much the period we are now entering.
I think it will be like Japan over the past 15 years. Hardly any real growth, an ageing population and decline. The airline sector will reflect the wider economy. The low cost explosion ends in 18 months. The East of Europe offers some scope for expansion but it is limited and you don't speak Latvian.
This means its dead mans shoes. It also means the training industry will be too big in relation to a market for pilots which has stopped expanding. Something will have to give.
If my kids were trying to become professional pilots now I'd advise them to get a 'cadetship' or not bother.
WWW
Ps Greece will default, the Euro will split.