I have seen a lot of air force strats with Europe, some good ones, some bad ones. My initial impression of your strat is that it is bad and here is why:
1) You saved nothing to build ground units to replace your losses to Russia and in your counter attacks to Russia
2) You saved nothing to defend the Baltic Fleet, that’s fine against me, but most other players would try to sink that fleet with England now.
3) Bombers are useless at defense. I find them more of a liability then an asset in any game I play.
Bear in mind those are just my personal opinions on the matter. However, if I may, here’s how I would go for an air force strat:
1) Round 1 buy a carrier OR 1 fighter
2) Round 2 on for the next 8 rounds (up to round 10) buy 1 fighter a round.
Fighters make exceptional defensive units with good range. Also, with 15-16 fighters no British fleet in their right mind is going to make port in Italy or Scandinavia.