Bad news for WAT.
I'd always thought that the WAT-London routes were doing OK.
I'd imagine there would be limited upside for Cork. Some passengers won't fly. Some will fly from Dublin. Some will use the ferry from Rosslare. So, the boost for London services from Cork will be very limited.
It's also possible that another operator will step in.
It will leave some spare capacity in the RE fleet though that could add passengers in Cork.