That really sucks...my condolences. However, the article is incorrect when it says the reason for the layoff is because airlines aren't hiring. They are. Did ERAU continue to hire graduating students after 9/11? Or did they not anticipate this?
Who are they laying off? The most senior or junior? Comair has dealt with the same problem by limiting the hiring of graduated students and releasing CFI's who have the minimum flight time to get an airline interview...1000/100. In other words, they let the more senior people go. If the airlines don't fall into place for them, at least they have a good shot at professional employment. I'd hate to be let go in today's climate with 300 hrs and a freshly printed CFI ticket. Not that 1000/100 is exactly high time either...lol. There are always CFI jobs out there though, even if not in Central Florida.
Anyway, as the article said, fall will bring a fresh batch of students, and the cycle begins again. Best wishes to all aviators affected by the current climate.