Bealzebub. It actually does depend on "what the company want you to do".
Again, not commenting on this case directly.
Provided safety is not compromised the company may require you to:
Hold as long as possible for expected imrovement before diverting with reserve plus alternate.
Go now to a suitable airport (not necessarily the planned one) to wait on the ground for said improvement and then:
a) go back and finish the job.
b) deplane the pax and return to base empty.
c) deplane the pax and wait for the return pax to be bussed over.
Or even simply return to base with the outbound pax.
The decision is a purely commercial one, and may vary day to day. It is their trainset after all, and in 20 years I've never been pushed by any ops department to make an unsafe decision. An unpopular decision with pax or crew, maybe.
I'm not saying it wouldn't ever happen, but within europe "skating on thin ice" would be the expression that springs to mind.
Still I have learned, at least through this thread that the "2 approach rule" is a company requirement, and not an ANO/EU ops thing, and can vary in it's precise wording. Would any ops inspectors, or management pilots who have dealt with drafting part A, care to comment?