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:
Castletown Commissioners to decrease rates for next financial year
Vice Chair John Cringle says it will provide 'much needed' support to residents
Man who died in Hillberry crash is named
Police renew dashcam footage appeal after single vehicle crash
DHSC responds to report into relationship with Manx Care
Plans to 'strengthen the partnership' as preferred option for future
Ranson case reforms under scrutiny in Tynwald debate
Backbenchers have challenged ministers over reforms introduced after the Ranson case
Leadership, loyalty and the economy: What we learned from the CM's urgent statement
From collective responsibility to minimum wage reform, the chief minister's urgent statement offered insight into the government’s priorities - and the divisions beneath them