My understanding is that the airlines do not have to pay compensation as pointed out by flybar.
However it seems that they will have to pay for food and accommodation.
My guess will be that this is all going to end up in the courts, in that if they give you notice that your flight is cancelled, so you do not come to the airport and that means no money will be due to you from the airline.
This in my opinion is fair, in that you will have to make a claim on your travel insurance policy.