Under EU261, compensation amounts are non-negotiable fixed statutory rates based on the great-circle distance of your flight itinerary. They do NOT depend on what you paid for your ticket, even a 20€ budget flight ticket can yield 600€ in compensation if delayed 3+ hours!
Tier 1 (250€): Applies to all flights of 1,500 km or less (e.g., London to Paris, Lisbon to Madrid). Tier 2 (400€): Applies to intra-EU flights over 1,500 km, and all other non-EU flights between 1,500 km and 3,500 km (e.g., Lisbon to Berlin, London to Athens).
Tier 3 (600€): Applies to all flights not falling under Tiers 1 or 2, typically long-haul flights over 3,500 km departing from an EU airport (e.g., Paris to New York, Lisbon to Rio de Janeiro). For long-haul delays between 3 and 4 hours, the airline may reduce compensation by 50% (300€).