Empty except block vs. huge except block

Which of these is easier to read?

An empty except block:

try:
    foo = do_foo()
except FooError:
    pass  # see below
else:
    return do_bar(foo)
# Recover from the FooError (long, complicated)

Or this:

try:
    foo = do_foo()
except FooError:
    # Recover from the FooError (long, complicated)
else:
    return do_bar(foo)

Note that the recovery is significantly more complex than the one-line else block. It may itself involve indented blocks or other complications. The first option has the advantage of eliminating a level of indentation. But the second option is probably closer to what the average developer expects to see. I'm uncertain which of these concerns is more important for readability.