Am I entitled to compensation under EU261 if my flight was rescheduled to four days later with only six days notice?

I have been notified a little less than six days before my originally scheduled departure time, about a schedule change resulting in my flight departing four days later. The flight numbers are the same, and the airline is refusing compensation in accordance with EU261 as they state that this situation does not regard a cancellation. The airline has stated that the reschedule was done because of commercial reasons (so, no extraordinary circumstances).

The airline offered me a refund, but that seems ridiculous to me - to me it seems simply unethical and unfair to reschedule a flight with such an extreme difference (96 hours) out of commercial reasons, and not compensate passengers, who booked unrefundable hotel stays and such, accordingly. Am I right that I am in this case entitled to EU261 compensation?

Is anyone aware of any jurisprudence?

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How long does a flight have to be delayed before compensation?

You can usually get compensation if: you booked both flights as a single booking. you were delayed for more than 3 hours. the delay was the airline's fault.

Can I get a refund if my flight is rescheduled?

In case your domestic flight is delayed over 6 hours, the rescheduled time will be informed to you before your original scheduled departure time. Also, the airline is entitled to offer you an alternative flight within that time or a full refund of your ticket.

How long can a flight be rescheduled?

For domestic bookings, customers can make any changes or cancellations free of charge within 24 hours of booking, if booked at least 7 days before the travel dates. If any cancellations to Bookings are undertaken through IndiGo's call centre, an additional fee of INR 250 per person per sector will be levied by IndiGo.

What is EU261 disruption compensation?

EC Regulation 261/2001 is an EU regulation. It protects passengers who've suffered a flight delay, cancellation or been denied boarding due to overbooking. Under this legislation, if your flight's eligible, an airline can pay up to $700 in compensation.

Hundreds of flights cancelled for holiday weekend

Sources: Stack Exchange - This article follows the attribution requirements of Stack Exchange and is licensed under CC BY-SA 3.0.

Images: Pixabay, Bich Tran, Olya Kobruseva, Ibrahim Boran