I am not aware of any EU legislation which requires compensation for delayed luggage
This is not required if the member country you are landing in provides it.
Most EU countries are signatories to the "Montreal" agreement as well as is Australia.
This provides for base compensation of up to XDR1000 per passenger for lost/damaged luggage on international itineraries.
I am not aware of any EU country that individually regulates for greater compensation in cases like this.
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We tried to at the airport at no avail other than offering us toothbrushes.
How (pleasantly) persistent were you.