If I may interject with a view from the rotary wing side. Pave Hawks relocated down here due to withdrawal from Kelfavik , that the only SAR assets available up there were and now a pair do AS332L1 and As365N of the Icelandic Coastguard. (iIRc an a/c crashed?).
Beyond that the nearest and dearest SAR asset probably at Stornoway and further west is of course at Halifax.
Coverage wise and response time / time on station for that part of the North Atlantic does not appear ideal at a glance.
Hypothetically (assuming there was no economic crisis , abundance of resources and more work for our shipyards) if there was a SAR framework similar to the the Jigsaw on the North Sea, with say couple of dozen rig type platforms with S-92 / EC225 types spread out across what would be termed as the more vulnerable parts of the Atlantic in particular where the transatlantic routes were / major shipping lanes.
The other idea which comes into my head w.r.t to the MPA problem would be to have a STOL platform based (preferably with flattop crews and those with CV experience ) on an old aircraft carrier or two operated by a commercial company purely for SAR to offset the costs to sail up and down the Atlantic. Oh and of course have rotary wing assets aboard.
Any thoughts here ?