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:
Skills Strategy hopes to tackle 'significant' skills shortage
Part of Island Plan to create and fill 5,000 new jobs by 2032
Loganair to remove Saturday service to Birmingham
Temporary changes take effect in May
Trial for Douglas man who denies keying car
62-year-old been bailed
Southern Pool board welcomes assurances over site's future
Follows 'positive' meeting with government
Looneys of Ramsey to close
Number of factors behind the decision
Future of Belfast flights 'precarious' due to low passenger numbers
Chief Minister says work is ongoing to make the route commercially viable
