In the event of flight cancellation or denied boarding the passengers concerned have the right to: - reimbursement of the cost of the ticket within seven days or a return flight to the first point of departure or re-routing to their final destination; - care (refreshments, meals, hotel accom...
Air Passenger Rights
Rights on land and sea
If your luggage is lost or damaged, you may be entitled to reimbursement from the airline of up to 1 223 euros per item of registered luggage. The Montreal Convention requires airlines to treat a bag as lost after twenty-one days. Make sure to file your claim within 7 days (or 21 days if your luggage was delayed). If you wish to pursue other legal action, you must do so within 2 years of the date your luggage arrives.
Source: European CommissionRegulation (EC) No 889/2002