Hi Ron
It is a tough decision indeed. I can only reiterate some of the earlier captions with a little extra. I don't and have never worked for VAA but I have been through a few redundancies and, as I am sure others will support, it is a dreadful situation to find yourself in especially at the moment with poor economies and a family to support. Your decision really centres around your career desires against home life. U2 are certainly one of the most secure at the moment and that is something I wouldn't give up lightly. I always take the view of never regret the decisions you make as it will only depress you. You have to make the decision that suits you best for the immediate future and not necessarily 20 years away because who knows what aviation will be like in 20 years.
I was fortunate to get in with BA so have not been unemployed for long but to give you some extra info BA are changing the rules but they are still IMO one of the leaders in T&C's. Do not forget that the salary is not the only remuneration you get and the whole package is worth quite a bit more. J class staff travel until year 7 then it becomes First, Good pension contributions (not the best I know but better than I have ever had), Excellent work/life balance (circa 14 days off/month) and I am on SH at the moment. With the extras in duty and flight pay I average an extra £1000-£1200/month.
The great thing as well is bidding for your own roster and fleet movement desires. It allows you an area to breathe and enjoy your current fleet whilst having time to think about your career progression (fleets,routes,training etc).
Also having friends at U2 and VAA I would second the suggestions to stay put. After all in my experience thus far Captains are always a required commodity where as FO's are replaceable. Just have to look at the recruitment market to see the number of positions for Capts as opposed to FO.
Anyway I wish you all the best with your decision and hope you have a happy career.