For the usual EU long-delay fixed-compensation analysis, arrival at the final destination matters. A two-hour arrival delay may fall below that threshold, although airport care or another remedy could still apply.
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What to check
Start with the airline’s notice, the original schedule, and when you actually reached your final destination. A departure delay and an arrival delay can lead to different answers.
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What to do next
Ask the operating airline for its written reason. The rule checker can point you to the conditions worth reviewing.
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Official sources
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Your route and travel date may change the answer. Check the linked official rule.