Does anyone really worry if EI go under? Apart from the employees and suppliers of course. After all, it's only a business, and an over-protected and badly-managed one at that. Ireland is an even poorer small country than Belgium and (haha) Switzerland, and these 2 countries lost their "flag-carriers" without a huge song and dance.
Come to think of it, what is a "flag-carrier" in Europe anyhow?