Interesting. Given the existence of small claims courts in many countries now, one would think that passangers would be entitled to cash in many many cases.
I'm not sure however if is that easy, consider that very likely the airline is established in a different country.
And, some things are not clear anyway.
Take my case. Intercontinental return fly cancelled, moved to the following day. Assistance was given OK in the foreign country.
Hotel, transportation and re-booking of all lost connections regularly provided at arrival in Europe.
No idea if the cancellation was due to extraordinary circumstances, altough I think the answer from an airline would be always yes.
Should I be entitled to cash in all honesty ?