Egypt
I would suspect that to bin the program now would be very expensive given that Foreign office advice not to travel certain parts of Egypt does not include Sharm and people who booked 6 months ago can not cancel within their insurance terms and get a refund unless the FO advise against travel.
So given that the pax flying out between now and the end of March will have paid in full by now Jet2 have a choice to either operate or refund and many of these will be Jet2holidays.com in other words it's not just a flight only refund but holidays costing £000's that would probably wipe out Jet2 profitability this year.
Jet2 are not in the same league as TUI who can afford to offer customers a refund or switch resort on a goodwill bases without a FO travel advisory, get this wrong and it could bring them down, some Egypt specialist travel companies will fail off the back of this.
Jet2 will not go back to Sharm before S12 at the earliest, Mubarak has said he will step down in elections this September so unrest will be all over the news again this Autumn, that's if he's not over thrown by then.
If the Muslim brotherhood get in they may take a rather different view of people visiting their country and sitting in the Sun getting p****d with their tits out and that's just the blokes!! Egypt could become as popular as those other sun spots Iraq & Iran
Therefore a line has been drawn where the dip between old previous Xmas bookings and new post Xmas booking is at it's lowest this is the cheapest option, there is no current risk to the customer Sharks aside in Sharm, however the question is would you book your main Summer hols in Sharm this year? the answer must be no given that things are as likely to get worse as they are better.