Most people know FR were only waiting to go back to SNN and it will probably come at a big price to SNN long term and while ORK is in decline I think if I was airport management I would prefer that to FR calling the shots.
The FR MAN-SNN is an interesting announcement. We will never know if SNN is subsidising this route or FR are paying 'full' usage fees. The FR SNN-MAN is potentially disastrous for SNN, if SNN-MAN is pulled by EI the base may be at risk, the schedule for the remaining flights may become less attractive, so a lot will depend on the performance of BHX. I find it hard to believe that SNN would wilfully subsidise a route already served.
Aer Lingus Regional has made gains against FR at DUB, held its own at ORK, so it remains to be seen how SNN will play out.
Full or reduced, I don't think FR will care.