Doubt whether the loss of a two aircraft operation will have that big an impact on the overall operation of the airport - difficult as it is for those involved.
The airport has punched way above it's weight on the traditional sunshine routes for a few years now, and yields for all carriers have probably suffered.
The departure of Monarch will in all probability result in some consolidation, passenger numbers wise, but better times, financially, for the remaining operators on these routes.
To be honest, I'd lose a deal more sleep if business routes were being hacked, but sadly there are precious few to hack at.
Whither. The parcels operation?..
Exactly, there's more to an airport (especially to EMA) than passengers, and EMA has been extremely successful in the cargo department, and with the planned expansion of DHL things will only get better.