There is also the question of seat capacity taken by tour operators such as Cosmos. Did they use Monarch, and if so, are Monarch still providing all those seats or are other charter operators being used?
Given the increases in Small Planet, Germania and Enter Air, as well as flights from Pegasus, Corendon and Nouvelair, I suspect the package holiday market has been sealed up. Lets also not forget Thomson are using the B787 and Jet2 using the A330 on a few of the routes cut back by Monarch, so, the net loss isn't huge.
With the list of increases versus decreases I posted, it makes you wonder just what it will take for a glass half empty to be turned into a glass half full? I mean, Im all for balance, but it seems some people try hard to find the one thorn in a bed of roses......