I had a very similar situation when Laker went bust in 1982. I was a SFO and the only flying jobs going at that time were for DEC or young FOs, and they were few and generally only in Middle East airlines. I got another job (in computing) quite quickly which I subsequently developed into a new career. My IR ran our after 5 years so about 6 months before that I wrote to the CAA to ask about options. They told me that I would have to do a complete new training course plus all the tests if I wanted to re-instate my license which was, of course, not a realistic option.
I therefore gave up and subsequently made the best of my second career, in which I have been modestly successful. Every now and then I get a chance to go up for a ride in a light aeroplane which I enjoy, but I know I would not enjoy current airline flying, for all the reasons that are aired regularly on Pprune.
As others have said - just make the best of what you now have. Good luck!