Totally agree with your logic, Brother Srilm. As of now, the airlines subject to EU-261 and other EU rules don't only not have the loopholes US rules do; they're on the hook for stuff totally out of their control ("Force Majeure" issues--BTW, in law God doesn't exist; this phrase substitutes. *). Some median needs to be found; your co-insurance idea surely has merit--the airlines altogether since the beginning of commercial flight (1926 is the year usually cited) have lost money.
*
http://dictionary.reference.com/browse/FORCE+MAJEURE