Such an operator cannot exist on the back of one base; not an isolated island with a population of 100k;
How does Aurigny work then? (Guernsey population +/- 63,000)
I accept that the IOM tourist business has declined, but this can be reversed. It doesn't have the same balmy climate as the Channel Islands, but in the same way as the Orkneys, Shetlands and Hebrides it can be attractive to outdoorsy people.
I also understand that there will be occasions when the (based) aircraft cannot return because of bad weather, but that can be the case anywhere and people (passengers) who live on islands understand this.
FlyBe is known on the Island as flymaybe, and not just because of the effects of the weather. EZY come and go on routes throughout their network to suit themselves, which is their right and they could (and would) drop the IOM routes tomorrow if something more favourable came along.