As EUJet proved it can be done
I'm sorry, but I can't accept that EUjet proved any such thing. All EUjet proved is that if you offer a particular range of destinations at a low enough price then you can attract a certain number of passengers. It most assuredly didn't prove that the route and fare structure offered was, or could ever be commercially viable. And to say that
of course EUJet failed for whatever reason
is ducking the issue. EUjet failed because they couldn't attract enough passengers who were willing to pay sufficiently high fares to cover their costs.
End of story.