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I've known folks who have got a refund in the form of credit toward another booking on CO and other airlines, but the fare had to drop a lot. I believe the airline would refund the difference between the airfares after the change fee was assessed for re booking the tickets at the lower price. If the change fees for CO are at $250, then the price would need to drop to around $460 before you start getting an credit.

Ah well, fat chance of that in May for Europe :)

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