Like I said, I am no lawyer. But that is how I have learnt to interpret the below (highlightning by me). I agree though, that without a judgement (or is there?) we can not know for sure how to interpret it.

Article 8
Right to reimbursement or re-routing
1. Where reference is made to this Article, passengers shall
be offered the choice between:
(a) — reimbursement within seven days, by the means
provided for in Article 7(3), of the full cost of the ticket
at the price at which it was bought, for the part or
parts of the journey not made, and for the part or parts
already made if the flight is no longer serving any
purpose in relation to the passenger's original travel
plan, together with, when relevant,
— a return flight to the first point of departure, at the
earliest opportunity;
(b) re-routing, under comparable transport conditions, to their
final destination at the earliest opportunity; or
(c) re-routing, under comparable transport conditions, to their
final destination at a later date at the passenger's convenience,
subject to availability of seats.
2. Paragraph 1(a) shall also apply to passengers whose
flights form part of a package, except for the right to reimbursement
where such right arises under Directive 90/314/EEC.
3. When, in the case where a town, city or region is served
by several airports, an operating air carrier offers a passenger a
flight to an airport alternative to that for which the booking
was made, the operating air carrier shall bear the cost of transferring
the passenger from that alternative airport either to that
for which the booking was made, or to another close-by destination
agreed with the passenger.