Having taken all the above points into consideration, in your circumstances this isn't a bad time to start training. Yes, I know there could be another war around the corner, and the economic pessimists would have us believe that the western world is about to experience a double-dip recession, but, frankly, these risks exist all the time. The only way you recognise that times are good is when they've gone!
The airline industry in Europe has largely recovered from 9/11 - at least as much as it's going to. There are many changes and new realities in the market, and those shaky companies that were on their way out have now gone. Most airlines now see a period of sustained, if moderate, growth for the next few years. The marketplace for pilots is crowded at the entry end, but it always was! You'll find yourself in competition with many other capable Wannabes; it's up to you whether you make sufficient impression to win out and get the jobs.
I'd say get on with it while you can.