George,
First of all, I hope and wish for all the best for Terry, for any injured rider and their family's future. But If The Isle of Man Government had to take "full responsibility of the welfare of the riders", there would be no TT. In fact the government wouldn't even promote a garden party.

I agree that a central fund should be set up to help in some way towards all injured riders in time of need.

I suppose until then we all can just keep donating towards the existing charities what we can.

Lee.