Ab Initio could easily happen, but it will probably not be the Euro model. Airlines will simply fund students through the current US flight school system...presumably having them stay at the school and instruct to get to 1500 hours. If they get in a real crunch, airlines might have to buy each student 1500 hours (more likely they will get the number reduced to 700).
This might not be all bad because airlines would be forced to thoroughly screen candidates before spending that kind of dough on them. One obvious downside is that they won't have to raise compensation to attract talent...there would be no shortage of kids willing to fly jets if all the training is free.
From a financial perspective, it would make sense for airlines to take kids right out of HS with no degree or vocational skills...that would ensure the golden handcuffs are on tight.