I think not. To begin, every major studio now boasts an animation department in full flower and there are more independent studios than ever to subcontract with. It would seem that a cartoon short would scarcely scratch any studio's checkbook in comparison. While we are on the subject of money, let me also add that many of the major studios are part and parcel of multicompany conglomerates that could help fund the return of the animated short. A studio these days rarely lives or dies on the product it releases.
Animated shorts have more ways of producing revenue than ever due to the video market.
The upcoming profits from Toy Story II would enable the production of several Mickey, Donald, or Roger shorts for the fans. It was proven during the past year that the Warners characters could still make major dollars on the big screen, and Beavis and Butthead certainly did America. The cut from the exhibitor would double, recouping costs more quickly. No longer can it be said that the world's top animators are all dentured graybeards drawing little more these days than Social Security checks. Nor can it be said that studios are not actively recruiting all the talent thay can muster, pilfering rival studios and headhunting for every student they can pry loose from animation schools.