From the Aegean "Small Print", as you can see they can cancel your flight if the airline pulls out, with just a refund of monies paid, or find you an alternative, but you will have to pay the difference. (£195.00 in my case.)
IMPORTANT NOTICE: We are not responsible for changes beyond our control, such as technical or maintenance problems with means of transportation, changes imposed by rescheduling or cancellation of flights by an airline or main charterer, war or threat of war, civil strife, industrial disputes, natural disasters, bad weather or terrorist activity. Compensation arrangements do not apply in these circumstances
7. If We Cancel Your Flight: We reserve the right in any circumstances to cancel your flights. However, in no case will we cancel your flight less than 2 months before the scheduled departure date unless it is for reasons outlined in the Important Note above or for late or non-payment by you. If we have to cancel your flight (for reasons other than those beyond our control or for late or non-payment by you), we will offer you either: (i) an alternative flight of comparable type, though if the alternative offered is at an additional cost, the difference will be payable by you and any "No Surcharge Guarantee" on the original booking will not apply, or (ii) a full refund of all moneys paid. In either case, this will be the only recompense due to you.
