Tourism Minister Adrian Earnshaw says the effect of the collapse of EuroManx on the tourism industry and the Island's reputation abroad, is yet to be seen.
But of more immediate concern is the plight of TT fans who have booked flights with the failed airline.
Mr Earnshaw (picture) says the demise of EuroManx has come at a bad time, but tough competition for passengers meant ultimately one player had to go:
DoI apologises for motorsport fees error
The chairman of Manx Auto Sport says the club accepts an error was made
Tynwald rejects issuing censure
Members debated the issue for over two hours
Reports of dangerous jet ski activity prompts warning to 'respect Safe Bathing Areas'
'We ask all watercraft users to act responsibly'
Former Manx Care CEO to take charge of Guernsey health service
Teresa Cope left the Island's healthcare provider last month
