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:
'Too early to tell' what caused fire
Crews from across the Island ensured cover was available
Firefighting foam may have killed fish in Silverburn River
People advised not to enter the water for 28 days
Additional road closure for TT filming ahead of MGP qualifying
Sunday morning closure along Quarterbridge and Peel Road
'Knives and sharp implements' left outside charity shops
Fly tipping warning from police after instances outside Crossroads