NCL-LCY and NCL-FRA are two I think could be well funded, NCL-EWR as well!
NCL-LCY sounds an interesting route, but with existing routes on NCL-STN and NCL-LHR, it becomes difficult to see why public subsidy should be necessary for a route that will be using one of London's more expensive airports with small aircraft that make it harder to have low average fixed costs across the passenger base.
NCL-FRA might well be viable - but it should stand on its own two feet instead of needing public subsidy, particularly given that there are plenty of flights to two other major hubs, namely LHR and AMS. I can't see any reason as to why (potentially) Lufthansa should deserve public subsidy to Newcastle.
It would of course be nice to see a NCL - NY route - it'll happen eventually but as to when I'd struggle to guess. Sending people on foreign shopping trips definitely doesn't warrant public subsidy !
