In fact, the problem is not the amount of compensation, but the reason for the delay or cancellation and the interpretation of it by the air carrier. The airlines tend to interpret the regulations in a manner that is most favourable to them.
We spoke earlier about how to apply the existing rules. The idea is not necessarily to review all the rules, but how they are applied.
Right now, the consumer or passenger has to submit a refund claim. It's also up to them to prove or demonstrate that the airline had not interpreted the regulations properly, but then the consumer or passenger doesn't have access to all of the relevant data to do that.
So the problem is really the lack of relevant information and the fact that the airlines would very much like to be able to say that the delay or cancellation was beyond their control.