If your flight is cancelled it does not mean that you, by default, are entitled to any compensation. The right to compensation or not is determined by the time you receive a notification about the re-scheduled time of departure and how much it deviates from the original itinerary. If the flight is postponed, it shall be considered as a cancelled flight and entitles you to compensation in accordance with the EU Regulation.
If the flight is cancelled, the operating air carrier has an obligation to inform you of this as soon as possible. If you were notified 14 days or more before the flight was due to depart, you must be offered the choice of either reimbursement of relevant part of the ticket or re-routing to the final destination on an alternative flight at the earliest opportunity.
Due to the regulation, you are not entitled to financial compensation for a cancelled flight if you have been notified about the flight disruption 14 days or more prior to the scheduled time of departure. However, you may be eligible for compensation in the following cases:
Flight cancellation compensations is also based on the distance of the flight. This is what you are entitled to:
However, if the departure is cancelled and the operating air carrier offers the passenger re-routing on an alternative flight at the earliest opportunity, the level of compensation will be reduced by half if the flight arrives at the final destination: