That's the thing. Most people can't afford to work for free (or minimum wage) and those that can usually can't for long. It is one thing to be paid poorly for a little while but there comes a point when one must start earning to live. Any company that pays poorly probably finds they have a high turnover rate as most people view these as stopgaps. If the majors stop paying decent wages then yes, I believe there will be a major crewing crisis. Problem is it will take years to develop but if people see that they could make more money waiting tables than as a pilot then they are unlikely to be willing to stump up £50,000 for the priviledge of being unemployed indefinitely looking for that first job and then a lifetime of poor wages and serious job uncertainty.
The industry is famously cyclical. Right now there is downward pressure on wages. This will not last. Question is, how long will it last for?
Lazlo