What you might be missing is that EI has unlimited access to the US, Europe and Canada, EY certainly does not and they have to share traffic rights with Emirates (both being UAE airlines). that was one of the reasons EY took a stake in Air Berlin, it gave them unlimited access to the German market which was previously constrained by bilateral agreements.
I think this could be good for the "DUB Hub" such as it is. Particularly the EI Regional routes to the UK, IOM, etc and onto the US and possibly Canada, should EI ever operate there.