As tourism has been their life blood for years and tourists are visiting less frequently because of the high price of air fares and consequently less money is entering the economy - the matter needs to be addressed and is not too difficult to do.
They must buy up one of the budget airlines and run it with the sole intention of making a small profit.
The more attractive pricing would start to bring in more tourists. Other airlines would then need to become competitive and ....
Everyone's a winner!