On the basis that the average subsidy under the Regional Airfare Zone Cap scheme was a shade under $115 per fare, there's likely to be very little upside to the participating airlines.
Regarding Rex more generally, I have little doubt that they see themselves in a variety of different ways. They may well see themselves as God's airline; based on current numbers it looks very much as though they only make a quid on Sundays.
The cold, hard facts of the matter though are that the regional business that used to return low- to mid-single digit net profits has been wrecked. What should have been the base upon which they built their domestic jet operation has instead become, to use their own words, "a drag on the Group's performance". With a third of the regional fleet parked up, it is hard to see how that predicament might have improved.
Domestic jet operations had some four months in the black before slumping back to loss making. Something pretty dramatic happened to Rex's passenger revenues in the first six months of this year; the full extent of that will be revealed in a week or so. And they certainly don't appear to have a cogent plan for their fleet additions; they increased their fleet capacity (and fleet-based fixed-costs) by around 14 percent recently but are still operating the same number of flights as they were four weeks ago.
They are going to be leaning hard on NJE to keep some air in their life preserver. And here it is worth remembering that Rex only owns half of NJE; the other half is owned by LKH and friends.