Yes, assuming you were not informed more than two weeks prior the flight. From Air Passenger Rights:
Cancellation or denied boarding
If your flight is cancelled, and you were informed less than 2 weeks
prior to the scheduled date or you're denied boarding you're entitled
- Transport to your final destination using comparable alternative transport means; or
- A refund for your ticket; or
- Transport free of charge to your initial departure point if you have connecting flights; and
- Financial compensation of EUR 250 to EUR 600 depending on the distance of your flight. If the carrier offers you an alternative
flight, and you reach your final destination with a delay of 2, 3 or 4
hours depending on the length of the flight, the compensation may be
reduced by 50% (see below).
In cases of re-routing, you are also entitled to care (drinks, meals,
communications) and, if necessary, hotel accommodation (including
transfer) depending on the length of the delay.
Please note that compensation is due anyway, even if the airline provides alternative transportation or refunds your ticket. The airline also is required to provide accommodations (see the last sentence). As usual, you'll likely have to raise your voice and probably post a written complain to get anything from an airline.