Am I glad that I live in Europe (at least, until 2008) and that the airport of origin for most of my trips is in this continent. At least, should something *knock on wood* go wrong, I can invoke my rights as a passenger.
Unfortunately for those back in the USA, you cannot expect the airlines to compensate you, should your flight be canceled and/or delayed. "Rule 240 is an Urban Legend," according to Joe Brancatelli.
If you expect a clause in the carrier's contract of carriage to somehow entitle you to a compensation, think again. It's open to different "translations" and well, many airlines now seem to have lost their sensibilities when it comes to what they are responsible for when things do not go as scheduled. See, in their eyes, whatever it is that caused the delay or cancellation is NOT their fault.
Of course, there are exceptions. Goodluck in finding them, though.
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