This has nothing to do with technical capacity and everything to do with preserving scarce cash. Refunding an unflown ticket is an easy process.
This is where the location of your credit card issuing bank really matters. As EC 261/2004 entitles one to a full refund to be initiated within 7 days of request, a chargeback if in order on the 8th day. If properly documented with:
1. Copy of Section 8 rebooking rights.
2. E-ticket receipt
3. Notice of cancellation / change
4. Request for refund
5, Acknowledgement, denial or not that no response has been received.
A chargeback should be completed in short order and there is little to do for SN or its merchant acquirer to contest. If one has a UK or US card issuing bank, this is easy. Many banks in Germany, France, and Belgium seem to be ignoring the requirements of the Regulation and there is little one can do other than sue.
None of this would discourage me from the chargeback route. At some point, the merchant acquirers on the Continent may do what they have done in the UK and US and simply force payment. If that happens, it is to your advantage to be in line.
Remember to do everything in writing and to provide the backup with your chargeback so that the package is complete.