Why isn't my Lumia 730 starting after the latest Windows 10 update (31 March 2016)?

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Windows Central Question

LUMIA 730 not starting after latest windows 10 update (31 March 2016)

I've opted to receive windows 10 update on my Lumia 730 dual sim phone. Windows 10 was installed up and running till last night (31-03-2016). The phone restarted to apply the latest update and I could see the progress. The next morning the phone was switched off. If I try to start it I can see only one thing on the screen "NOKIA". After that it keeps restarting again and again forever and never moves on to load anything else.
If I connect the phone to the PC all I can see is "Eject Lumia BootMgr" that keeps showing up on the right bottom of the screen. Now, I want to reset the phone and restore it to the original OS version windows 8.1. Do I have a chance to do this or should I throw my phone into the dustbin?
 

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