Under the European Regulation (EC) No 261/2004, financial compensation is categorized into three tiers based primarily on the flight distance and the length of the delay upon arrival at your final destination. For short-distance flights of up to 1,500 km, passengers are entitled to €250. For medium-distance flights, which include all intra-EU flights over 1,500 km and all other flights between 1,500 km and 3,500 km, the compensation is €400. Finally, for long-distance flights exceeding 3,500 km, the amount is €600. To be eligible, the delay must generally be more than three hours, and the cause must not be "extraordinary circumstances" like extreme weather or security strikes. It is important to note that these amounts apply per person, regardless of the ticket price, meaning even a passenger on a €20 low-cost flight can claim the full €250 for a significant delay.