Have a couple of ATL-FCO awards tickets booked for November, intended to mesh with a transatlantic repositioning cruise back to the US that has now been cancelled. Wondering if my understanding of VA's rules is correct.

It looks to me like my options are cancel & ask for a refund, or ask for a voucher, but I'm unclear on the exact terms for each.

If I ask for a refund, do they re-bank the points but charge a $50/ticket cancellation fee, as they indicate they do on a normally purchased ticket? The only money involved in this booking was the "taxes and fees" (about $400 total for the two), so would/could they hold part of that as a penalty?

It looks like a voucher has no penalty, but does eventually expire, & we don't know if or when we'll need to book anything on VA (and who knows, it might go belly-up or something). Would a voucher be just for the $ portion of the booking and they still bank the points? Or would it be a points and cash value voucher (that wouldn't seem to make sense), or just a points voucher (again, why?) and they refund the taxes, etc.?

Depending on what the procedure actually is, and the uncertainty of how the virus situation could go, I'm thinking I might could leave the decision to nearer the travel date and see if VA cancels the flight.

(Ironically, this current booking was made with returned points from a MAN-ATL flight cancelled by VA last year, just as our planned transatlantic cruise, US to Britain, was cancelled, too.)