Groundhog,
I agree that the commercial importance of Newquay to Cornwall should be a major consideration, but speaking to a senior Serco Aviation Head Office Bod recently, they are convinced (and very concerned) that without a major (and we are talking seriously major) subsidy from someone, the place will close.
It looks like they rate payers of Cornwall will have to foot the bill and I am sure there are more pressing needs within the county for that money.
Obviously Ryanair, or any other airline, aren't going to put any money into the place, and Serco would only take over the complete operation if they were given a long term (20 years or so) contract to do so.
That option may have a large initial cost, but long term it would be relatively painless and rid the locals of the burden whilst still giving them a much needed airport.