Don't panic, the airlines will be doing all they can to fly after losing so much cash last time. Are you on a 'package' holiday? If so the tour operator is very likely to make an alternative arrangement for you. If not the airline might do this anyway for your flight. Also you may have some degree of cover on your credit card if you paid by credit card.
See this on the BBC site:
"Frances Tuke, from travel industry body Abta, urged passengers to contact their airlines, which he said had legal obligations to their customers.
He said passengers could have a claim under European "denied boarding" regulations.
These state that if a flight is cancelled or delayed for more than five hours, passengers are entitled to be either re-routed, given a replacement flight, or a refund."
Full story here http://www.bbc.co.uk/news/uk-13513981
Completely sympathise, we fly in less than a month and even I feel a little uneasy seeing volcanic ash on the news so I 100% feel for you but definitely contact your airline and we'll all keep everything crossed for you. x