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flight cancellation - making alternative arrangement myself

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If my flight is cancelled and the alternative flight the airline offered does not suit me (the alternative flight is in four days’ time whereas I need to fly ASAP), do I have the right to claim for compensation against the airline for the cost incurred in making my own alternative arrangement (in addition to the statutory EU compensation)?

Also, will I be able to make a claim on my travel insurance in addition to the EU compensation? I am not 100% sure if I could claim on both.

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