Correct, there is no pilot shortage. If you read what I said, the movement of pilots to the Middle East will open up new first officer positions at low cost carriers, plain and simple. Demand will be very small, but it is the only glimmer of hope that is there for low hours pilots right now. Emirates are hiring a good number of ex ryanair FO's, so in turn the seats that they vacate will need to be filled. I'm not saying that there will be thousands of vacancies, but a small but hopefully steady stream.
Ryanair have noticed this and are addressing the issue by giving command positions to suitably qualified FO's, but it is only partially stemming the outward movement of their pilots.