Hopefully another airline will see it like that and utilise it to their benefit
The driver behind Monarch leaving EMA will be a simple one - it doesn't make money.
The reason that they aren't making money is that there's been for a while over capacity on the same old. same old routes that the world and his dog are serving and the market is saturated.
FR, LS and the principal tour operators will be more than happy to see reduced seat availability, and thus higher yields on these bucket and spade roues, which in the end will be better for them, and better for the airport.
Monarch entered the EMA market almost as a kneejerk reaction to Baby closing down, and probably didn't bagain for Jet 2 to up their presence quite as promptly as they did, and it is Monarch that have "blinked first" and departed the fray.