It should be.. its in line with other PSO funded routes. There's a handy table available here that shows them all:
https://ec.europa.eu/transport/sites...tory_table.pdf
But to summarise:
Kirkwall - Westray/Papa Westray/Sanday etc - £178,000-£195,000
Newquay - Heathrow = £700,000
Glagow - Barra/Campbeltown/Tiree - £1,300,000 - £1,800,000
Cardiff - RAF Valley - £2,000,000