EU legislation applies to all flights operated by an airline licensed for operation by an EU member state (including flights wholly outside of the EU) and also to flights, which originate in the EU, operated by other airlines.
If you're denied boarding, the airline must make the following payment to you:
�250 for flights of 1500km or less (reduced to �125 if your delay does not exceed 2 hours)
�400 for all other flights within the EU or which do not exceed 3500km (reduced to �200 if your delay does not exceed 3 hours)
�600 for flights, outside of the EU, over 3500km (reduced to �300 if your delay does not exceed 4 hours)
Additionally, the airline must either make alternative arrangements to get you to your destination or refund your ticket. (If they refund your ticket for the second, or later, stage of a journey, they must also provide transport back to your original departure point). They should also provide such meals, refreshments, accommodation and communication facilities as are reasonable.
Payments should normally be made within 7 days
http://ec.europa.eu/transport/air_portal/passe nger_rights/doc/2005_leaflet/2005_01_19_apr_le aflet_en.pdf
Chris