At the present rate, Europe will became Euroarabia by the turn of the century at the latest.
Mass immigration can create huge problems even when people hold the same values but if one adds here big cultural differences (and little capacity to accept important change along modern values) we have the perfect recipe for disaster, so I'm afraid that scenario may be right (in the weakest sense yes Eurabia is yielding peacefully to defective, proven so, Islamic values even if no one conspired to this).
The big problem I see (I leave the economic factor aside) with the current approach is the set of values around which we want to create a better world. I'm afraid we are on a completely wrong path, values incompatible with modernity should not be given basically free pass (under the umbrella 'is their culture, who are us to judge?') in the vain hope that things will be better in the future. Postmodernist 'certitudes' that islam leads to the same practical attitudes (at the average level) should be abandoned.
EU (the West in general) should defend much more sternly its culture for there is ample evidence that it offers the best alternative at this time toward creating a much better future (albeit far from perfection). Additionally no one should be ashamed to point out, rationally, entirely via argument, the very problematic nature of some values accepted by other cultures (or minorities). Especially Islamic ones*.
In short if Europe will be able to leave aside the many platitudes about the immigrants (especially muslims, anyways the vast majority today) it will probably manage to create a healthy society, stable on long term, even with some mass immigration (limited by the economic factor of course). Otherwise the results of the blunders of today will be evident for our followers. When, I'm afraid, only fight could stop the slide toward the past.
Personally I am not that sceptical, people began to wake up these days, there is a perfectly valid criticism of islam having nothing in common with 'bigotry' or 'far right', but if something better is to come we have to act on the lines presented above. Like in the fight with Bolshevism Europe should show clearly that Islam does not 'work' in public area. Continuing with the same cultural relativist / postmodernist / 'postcolonial studies' narrative leads nowhere I'm afraid.
*
Why Islam needs a transformation now
https://www.washingtoninstitute.org/uploads/Documents/pubs/IvoryTowers.pdf