The reason BA LCY was a challenge at times was because it did three rotations. If it was two then I suspect the picture would be somewhat different. I fully recognise its an issue with the pandemic which is why I think for strategic reasons the IOMG should have carried on supporting a little longer. Guernsey clearly recognise this and have effectively subsidised to the tune of £50m I doubt any IOM subsidies would ever get anywhere near that.
And on the subject of the pandemic ask yourself this. If we found ourselves with another lockdown and the need to fly critical workers from London and the South East which happened for most of last year and earlier this year who would operate the flights. Yes Loganair got a subsidy but do you really think Easyjet would do it subsidy or no subsidy?