MOL might not like it, but the law is the law, and when he set his fares, he should have taken into acount the possible costs of potential flight delays.
It is not possible, as I understand it, to operate flights within the EC without being on the same 'level playing field' as every other carrier.
What MOL should do, is offer flights at 2 different charges: one with EC protection on delays etc and one without [with pax signing some form of disclaimer]. Then his customers can decide if his 'cheap' flights are really value for money and make their choice accordingly.