Yes. You can get compensation for Ryanair cancelled flight if that flight disruption was airlines fault and meets criteria in Regulation (EC) No. 261/2004, such as arrival to the destination more than 3 hours later than planned and notification of cancelled flight less than 14 days before the departure. In fact, all the types of flights, such as charter, scheduled, or low-cost, are compensated under this law. You may find more information about flights cancellation in Cancelled Flight Compensation.