Carrier and phonon dynamics in dense arrays of aligned, single-crystal Ge nanowires (NWs) of controlled diameter are investigated by ultrafast optical pump-probe measurements, effective medium calculations, and elasticity analysis. Both a pronounced induced absorption and the amplitude and spectral range of Fabry-Perot oscillations observed in the probe signal are predicted for the NW array/air metamaterial by effective medium calculations. Detected temporal oscillations of reflectivity are consistent with excitation of radial breathing mode acoustic phonons by the intense pump pulse.