There may be a niche at Birmingham for a small, well run operation picking up cheap leases, and with other low costs if they have good links into the local market to offer direct flights to the sub-continent, and going the other way to the likes of MCO and some of the caribbean leisure destinations. Maybe a low-cost alternative for the likes of TUI o using their own metal might be an opportunity in this disrupted market - easpecially if these are perceived as being 'safer' destinations going forward.
As others have said, something like a BHX "flag carrier" (sort of how TCX long haul was developing at MAN) seems like too big a risk