While EU261 doesn't deal with luggage, there is other EU regulation that does:
https://europa.eu/youreurope/citizen...en.htm#luggage
Specifically, EU889:
https://eur-lex.europa.eu/legal-cont...lex:32002R0889
It says:
In case of baggage delay, the air carrier is liable for damage unless it took all reasonable measures to avoid the damage or it was impossible to take such measures. The liability for baggage delay is limited to 1000 SDRs (approximate amount in local currency).
1000 SDR is about 1300 EUR. I think the regulation follows the Montreal Convention, so as another posted says, you are entitled to compensation for costs incurred while you were without your luggage.