The signs are hopeful for Monarch - if it was me I'd probably simply go and enjoy my break. If the worst happens, the CAA will be chartering aircraft to get folks home, as they allegedly did last week which as it turned out, weren't needed.
I suppose the decider for you personally could be that you must be back on the 16th, if they the CAA are bringing folks home it could be that it may be a day or two later. But that's pure speculation, I honestly have no idea of the logistics in this scenario.
JF