In my experience (and I am no arborist) once a pine tree looks like that, it is on it's way out. A pine or any conifer similar, once it takes a hit like this won't be able to recover from a visual aesthetic perspective. The tree may survive after costly spraying, trimming, etc. But unlike a deciduous tree that can (for the most part) regrow in areas of loss, a conifer/pine will always have that gaping hole of lost/damaged needles/branches. It will look ugly for the rest of it's life and really won't ever rebound. It can grow new growth on the areas unaffected, but will never regrow and/or grow new needles/limbs in the areas that were affected by the mold/blight/fungus.
When it is a tree on my property that looks like this, I get out the chainsaw and turn it into campfire wood and plant a new tree next to the stump. By the time the 3-5 years has passed that the "spraying" would have salvaged the original tree, I already have a healthy, visually appealing 10 foot tall tree.
It sucks when you lose a 50 year old tree, but I just can't handle the visual aesthetic of a previously damaged conifer.
Unless you are dead-set on having an Austrian, I would recommend a white-pine in it's place. Where I am at (midwest) they are one of the fastest growing, disease-resistant varieties. Plus I think they are one of the most visually appealing as you rarely can see through to the previous year's loss of needles like you can with the red-pine varieties like Austrian.