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If you fix these things and care more for this realm I am sure that it will be populated once again.
Was it ever really populated to begin with? It works both ways, the realm is not high priority for the developers exactly because nobody is playing it. The vast majority of the playerbase prefers wotlk/tbc/vanilla realms and that's where the money is. If you ask me, they should have never opened a cataclysm realm to begin with. It just put more on their plate and we are now in this awkward spot where allocating resources to it seems like a waste, but they wouldn't like to close it either.