I have a current account and a savings account. If the current account is empty and I need to pay my mortgage or I lose my house, it’s coming out of my savings account.
If a company is on its last legs, money in the business is money in the business. It’s going to be a long winter for most airlines, handing money back, potentially unnecessarily, 4 months in advance that may end up with a competitor isn’t good for business.
Besides, a ski holiday is a ski holiday. If you cancel a holiday 4 months in advance, you’ll probably be giving a refund. If you cancel a week in advance but can offer a similar holiday in a different country, chances are a good 50%+ will take it.