The service wouldnt be viable without a low fares operation, the ATR-42 would be too big for the full fares market.
If it has been axed, which i am lead to believe this as maybe not true, then FLYBe would be the only viable operator of a DUB route from HUY. As we all know though, this is highly unlikely.
We'll have to wait and see what the next couple of weeks have in store. If nothing more is heard from FR then i think we can expect HUY to be dropped. Im sure FR wouldnt want this to happen though, they will do what they can to make it work and the rumoured 4xweekly may just do the trick.