overscan - 3:50 pm on Jun 1, 2013 (gmt 0)
Grit your teeth, change your domain name and 301 from the emd. I know it's difficult as we all become emotionally attached to our domain names and business names, but it's better than going broke. We tinkered and waited for months before switching domains and it probably cost us £100k in lost turnover.
I would not start from scratch with a new site, but do take a step back and see if there are any weaknesses that might have triggered the wrath of googles emd algo.
Personally I don't think google owe us a living, but they are a monopoly in the UK and thus they need to be more transparent or eventually they will get their butts kicked by the competition authorities.