Ralf, I really do not know what piece of legislation you have in mind, because I can't think of any apart from the unfair contract terms directive.
Neither the denied-boarding regs nor the package tour directive would be applicable here.
To my knowledge, ALL airlines deny consequential liability for flight cancellations, for whatever reason.

By way of comparison, here is what BA T&Cs state, which are pretty typical of what you find among full-service carriers, never mind no-frills ones:
3) If we:
cancel a flight
fail to operate a flight reasonably according to the schedule
fail to stop at your place of stopover or destination or
cause you to miss a connecting flight on which you hold a confirmed reservation
you can choose one of the three remedies set out immediately below.
Remedy 1
We will carry you as soon as we can on another of our scheduled services on which a seat is available. If we do this, we will not charge you extra and where necessary, will extend the validity period of your ticket.
Remedy 2
We will re-route you within a reasonable period of time to the destination shown on your ticket using either our services or those of another airline, or by some other means which you have agreed with us can be used (for example, by rail). If you are re-routed, we will not charge you extra. If the fare, taxes, fees and charges for the re-routed journey are lower than the amount you have already paid, we will refund you the difference.
Remedy 3
We will give you an involuntary fare refund.

The above three remedies will be the only remedies available to you and we will have no further liability to you except as may be provided by the convention.