"Risking $100 million for a holiday in Benidorm" - that is journalistic hyperbole. The airlines don't care about holidays in Benidorm. They have to weigh up between the risk to their aircraft (which they do every day, every time they fly - is our training appropriate? Do our crews have appropriate levels of experience? How hard is the airfield to operate to? What is the threat from CBs? Volcanic ash?) and the cost of having the aeroplane sitting on the ground not making money.
Every business is about balancing risks. The only risk-free business that I know of was when the BAA were permitted to increase their landing charges so that T5was paid for by the airlines before it was built. There is no such thing as a no-risk airline.