Belfast City Airport has said negotiations are already under way with "a number of carriers" after the collapse of Flybe.
Flybe operated 14 routes from the airport, making up about 80% of all scheduled flights.
Would-be passengers have been advised not to go to the airport, with all Flybe flights cancelled.
The chief executive of Belfast City Airport said he was "extremely disappointed at this news".
"From Belfast City Airport, Flybe had operated a strong and profitable base of 14 routes to key regional destinations across the UK," said Brian Ambrose.
"The airline was a significant economic driver for the region, carrying 1.6 million passengers to and from Belfast in 2019.
"I am confident that these well-established routes, coupled with our city centre location and recent £15m investment in terminal facilities, will prove an attractive option to airlines."
In a statement, Flybe said it has been unable to overcome significant funding challenges.
The carrier said the impact of the coronavirus outbreak on demand for air travel was partly to blame for its collapse.
Flybe CEO Mark Anderson said the UK had lost one of its "greatest regional assets".
Economy Minister Diane Dodds said she deeply regrets the closure of Flybe.
"Maintaining air connectivity is absolutely vital to Northern Ireland - to enable access to the economic market in Great Britain and for tourists arriving to our airports from Great Britain and beyond," she said.
She added: "My department will work closely with [the Department for Transport] to assist, as required, with the repatriation of Northern Ireland passengers."
BBC Sport presenter Holly Hamilton was onboard the last Flybe flight from Manchester to Belfast where passengers remained on the plane while deliberations were made over the flight, which eventually took off.
Many passengers took to social media reacting to the news of the airline closure.