This was maddness!!!

"In 2006, Ireland (population 4.2 million) built 88,000 houses, compared with 150,000 in the UK (population 60 million). At one point, a fifth of the workforce, swelled by tens of thousands of immigrants, worked in construction.
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Irish families on middle and even low incomes cashed in their pensions or borrowed heavily to buy second, third or even fourth properties, believing they could rent them out to the migrant workers who had caused net immigration for the first time in Ireland's history. They could borrow from banks that enjoyed one of the loosest regulatory regimes in Europe, and which shipped in money from abroad to further stoke up the boom.
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Ireland now has up to 350,000 empty homes – more than its entire private rental market – many of them simply abandoned as builders went bust. House prices are expected to fall by 80 per cent."
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Isto passou-se na Irlanda, o mesmo se passou em Espanha, por exemplo. É possível e sensato voltar a esta exuberância construtiva?
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Claro que não!
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Então, faz sentido pensar que vai ser possível recuperar o nível de procura que existia enquanto decorria este deboche de despesismo não suportado em poupança mas assente em dívida?
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Se não faz sentido... quais as consequências?
Trecho retirado de "Breaking point for the eurozone?" no Telegraph.