Thousands of holidaymakers have been left shaken by Thomas Cook's collapse which happened yesterday morning.
150,000 passengers will have to be flown home in what is being called one of the biggest peacetime repatriation missions faced by the country.
Even more customers will also have to claim a refund though aviation regulator Atol.
Around half a million people have holidays booked with Thomas Cook right now - most of which will qualify for a refund, reports the Mirror.
This will be through Atol - a Government-run financial protection scheme operated by the Civil Aviation Authority (CAA).
It says it aims to have a claims process in place by 30 September - which is when you'll be able to launch a request for a refund.
Right now, there are currently more than 150,000 Thomas Cook customers abroad, almost twice the number that were repatriated following the failure of Monarch Airlines in 2017.
And with hundreds of thousands more due to travel, it's likely to be one of the biggest refund payouts in history for the CAA - inevitably slowing down payouts.
The CAA also says its priority at this point is to help stranded Brits return home - after which point it will launch the claims process.
"ATOL Protected passengers with future bookings are entitled to a full refund for their cancelled holiday," the CAA explains.
"The Civil Aviation Authority will be launching a service to manage all refunds by Monday 30 September, once the flying operation has progressed. This refunds service will seek to process all refunds within 60 days of full information being received."
This means that in total, it could take up to 67 days for refunds to be issued, subject to how many claims it receives and when the website goes live.
Richard Moriarty, chief executive of the UK Civil Aviation Authority, said: "News of Thomas Cook's collapse is deeply saddening for the company's employees and customers, and we appreciate that more than 150,000 people currently abroad will be anxious about how they will now return to the UK.
"The Government has asked us to support Thomas Cook customers on what is the UK's largest ever peacetime repatriation.
"We urge anyone affected by this news to check our dedicated website, thomascook.caa.co.uk , for advice and information."
