Maintenance of the ability to connect to KLM was one of the European Commission's conditions for the IAG takeover to go ahead. However, that doesn't mean that there has to be a formal codeshare, so while the ability to connect may be there, the ability to book a flight from Cork on the KLM website would go.
KLM may be taking the lead and dropping it not EI....
Whatever happens I couldn't possibly see EI keeping the two daily if it goes, they could easily make money sending it down to the Med in summer.