Budget Iceland Airline Wow Air officially announced today that it is ceasing operations immediately and has cancelled all flights, leaving passengers stranded all over the world.

What options do travelers booked on Wow Air have?
The immediate option, if you have flights booked between now and April 11, 2019 is to contact Icelandair, an Iceland based airline offering to assist stranded passengers with a significantly booked rate.
https://www.icelandair.com/support/contact-us/getmehome/

What are your rights?
From Wow Air: Passengers whose ticket was paid with a credit card are advised to contact their credit card company to check whether a refund of the ticket cost will be issued.
Passengers who bought their ticket from a European travel agent (within the European Economic Area) as a part of a package tour (a package which includes flights and accommodation or other services) are protected by the Package Travel Directive. Those passengers are advised to contact their travel agent to arrange an alternative flight.
Passengers who may have bought travel protection, or those passengers whose credit card terms may include such protection, may be entitled to claim compensation and assistance due to delays or travel disruption. However, such compensation is often limited.
Passengers may also be entitled to compensation from WOW AIR, including in accordance with European regulation on Air Passenger Rights. In case of a bankruptcy, claims should be filed to the administrator / liquidator.
Here’s a link to Wow Air’s official statement: WOW Air
TravelingMamas.com recently traveled to Iceland via Icelandair Economy base ticket. To read the review, click: Icelandair Flight Review.