I believe that Austria has to separate the notion of monarchy and of the former empire/s. Separate Austrian history only starts in 1918. So the Habsburgs should avoid being seen as a baroque anacronism, and work on a image of a bright future with a prestigious Austria as a constitutional monarchy. This does not mean denying the history of the grandest family in Europe, not at all. Imagine Vienna being a major cultural and diplomatic giant again!
The Habsburgs will always have a chance, always. Now they are finally able to fully integrate in Austrian society and they can prove themselves to be true Austrians at the service of their country. Imperial ambitions of the past should stay inside the history books and flirtations with political movements of unification with Hungary or any other country should be avoided at all costs. Remember that the empires of the past failed to achieve a reasonable amount of national unfication, and it was a constant struggle to achieve internal consensus. Today despite all the EU propaganda, Europe remains as diverse as ever, THANKS GOD! Standarization it works in America (maybe) but not in the glorious and beautiful Old World. If there is ever an empire again it will be far away in the future, Austria first.
Europe is immerse in the biggest crisis since 1945, and it is not only finances that worry me. There are threats to democracy in the East, intolerance toward foreigners and the different, apathy towards democracy, and more. But there is always hope, these very difficult times might bring Europeans back to their roots and I am convinced those roots are: Christianity, language (it does not have to be only one, nor for only one country) and monarchy.
After 1945 it seemed that there was never going to be a war among Europeans again, it seemed that poverty was out of Western Europe for good, and it also seemed that figures like the Pope, Kings and nobles were nice to keep for tourists.
After 1989, things got even better, nor more comunism, nor more wall, the EU was going to grow and grow and everybody was going to be wealthy, educated, tolerant and even multicultural (what a joke!).
So, I think there is big chance that the people of Europe will go back to a true European culture, meaning embracing again Chrsitianity and identifying themselves with a royal family that brings them the past and the present together. It's not going to happen next month, but it will happen. Do not get me wrong, I am not saying that the different (different skin colour, religion, language, etc..) should be kicked out NO. Europe needs to remain a beacon of freedom, respect of human rights and culture, so it needs to keep attracting people from all over the world, like its being doing from millenia. But this doesn't mean, that Europeans should forget what they are, so remain open, tolerant and generous but don't ignore your religion, your language, your history and your culture.
Finally, in a context of strong national/regional identites Europe can have a realistic integration project. I mean integration in the fields of economics, education, the arts, media, etc... But political? I believe is a mistake, and reality shows us that everyday. In this context the Habsburgs can play a key role along with other royal families by becoming the symbol of their nations again. It does not matter if those nations are big or small, what matters is that they are proud and dignified. Unfortunatley, that does not happen in Austria and many other European countries today.