Keep BM alive for an indefinite amount of time, attracting new players and restoring the game to an level that you can have a lot of islands for players?
This, of course.
If it is 2 then, it will need a little more focus and a better retention plan for players.
Everything in that direction takes a lot of time, but we need to do something to stop the bleed now. Nobody ever said that closing an island is the last thing we'll ever do. We will continue to make the game bigger again. This is just one step.