What you get as a result of canceled flights depends on the reason for cancellation. Cancellation due to bad weather such as tornado, hurricane, snow etc. does not result in anything for you as a passenger.
If your flight is canceled for other reasons, you can request a full cash refund. Though airline might be only offering a voucher. If you do need to get to your destination, then you can work with the airlines to get onto another flight.
As for lodging, airlines are required to get you accommodations if a flight is canceled because of a mechanical failure or any other issue in airlines’ control.
If your flight is delayed because of weather conditions then just like cancellation, you won”t get your cash back. Airlines may be able to get you onto another flight that is not delayed but change fees might apply. Under extraordinary circumstances, airlines might waive the fee.
Airlines must pay federal authorities when they hold domestic flights on the tarmac for more than three hours and international flights for more than four hours. But passengers won’t get any reimbursement in either case.
Airlines must give passengers, who are involuntarily bumped from a flight, four times the amount of their ticket price or $1,300, whichever is less.