It seems almost inconceivable that Ryanair would close a base as large as EMA is without any media hoo-haa; it is perhaps more likely they are playing hardball with MAG over fees from 1.1.22, as EMA has suffered particularly badly with passenger services over the pandemic and they feel the time is right to screw a better deal for the EMA operation. It could be (though I very much doubt it!) that BHX, 40 miles down the road, has put in a very competitive package to attract more Ryanair business, and the airline is playing off both airports against each other.
As EMA has continued to be reasonably busy from a cargo standpoint over the last year, Ryanair may find themselves in a weaker negotiating position than at other airports, as the EMA balance sheet may not have suffered quite so badly as many other bases around UK and mainland Europe.