The East Midlands (as a region) doesn't need more leisure air services, it needs proper scheduled services that link the region into the networks of the major international carriers and global alliances.
So there either has to be enough pax in the East Midlands willing to pay enough for an airline to make a profit or somebody (me or you) has to subsidize the service for the greater good of the region.
If Ryanair can make more money flying people to the Costa's, as a business that is what they should be doing.