Simple answer is that once your engine goes bang it is normal procedure to apply full power immediately on the remaining engine as this is what the single engine performance is based on. After the 5 mins is up you would need to assess the situation. If critical continue at full power or if not select max cont power.
You would never normally require more than 5 mins at full power. The only place I know of in Europe is Innsbruk. As we operate into this airfield our 757's E4 engines have been upgraded to 10mins at full power.