Not necessarily. Some airlines may choose to file for bankruptcy and shut down operations completely, while others will continue while restructuring their business. This is why keeping an eye on the news is a good idea.

If the airline goes bankrupt and ceases operations, the flight you booked will be cancelled. Should they continue operation, the ticket will likely remain valid. If not, you’ll have to look for other options to return home.

It depends on each airline if they include this in their policy. Some of them may decide not to give you a refund, so you can only get EU airline compensation with the help of flight claim companies.