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Hence the introduction by the EU of 261/2004....
I think the problem is not so much unrealistic expectations but that there is a contract with the airline. The airline basically says pay us $x and we'll put you on an aircraft that is going to leave point A at this time and arrive at point B, Y hours later. If I pay that fare, there is a contract that includes the timings specified when booking. Some people see no problem with an airline not meeting the conditions of a contract but then also get upset if the passenger might also seem to ignore the conditions of the contract. Sure, I understand that stuff happens but it's a 2 way street; it's a bit rich to only insist of enforcing the contractual arrangement when it suits the airline.
The Airlines bitterly fought against it - IIRC even appealing to high courts etc.
I would like the Oz government to introduce a similar regulation.
Here's a pertinent excerpt from the preamble of EU 261/2004:
(12) The trouble and inconvenience to passengers caused by cancellation of flights should also be reduced. This should be achieved by inducing carriers to inform passengers of cancellations before the scheduled time of departure and in addition to offer them reasonable re-routing, so that the passengers can make other arrangements. Air carriers should compensate passengers if they fail to do this ...
...
(17) Passengers whose flights are delayed for a specified time should be adequately cared for ...
More in the intentions here: