Originally Posted by
NickB
While Reg 261/2004 clearly does not apply, nonetheless, as a contractual matter, the OP should still be entitled to a refund from VS of the difference between the fare paid and the applicable fare for the class in which he/she flew. This may not amount to an awful lot, though.
I would also expect the difference to be refunded back in cash (i.e. to the original payment method), instead of being offered a voucher.