There will need to be a pronounced fleet expansion to deliver that. I'm also a bit unsure as to how the short haul will work - have FlyBe pick it up?
I like the idea but think they will struggle against BA who have an extensive and established feeder network across Europe. There is of course the AF/KLM tie up that can feed in if well structured, but Virgin would ultimately need to be offering routes you can't do directly from Paris or Amsterdam to make that viable.