WS would not likely "welcome" such a thing, but they've been ahead of the game for some time. First of all, they do not overbook, so no one ever gets bumped.

Secondly, and more importantly for this thread, WS refunds the full fare (in the form of travel credits) if a flight is delayed over 3 hours, for any reason, including weather. If other airlines had been doing this, I suspect there would be no EU regulation.