You have three options:
1) You can ask for a refund on your ticket.
2) You can ask to be put on another flight to your destination as soon as possible.
3) You can ask to be put on another flight to your destination at a later time, subject to seat availability.
The airline has an obligation to provide you with free meals and drinks proportional to the length of the delay, as well as access to a telephone, fax machine or email free of charge while you wait to be rerouted. If an overnight stay is necessary, the airline also has to offer you hotel accommodation as well as transport between the airport and the hotel.
Fixed compensation is usually not payable in the event of a strike, as a strike is considered to amount to extraordinary circumstances that the airline could not have avoided even if all reasonable measures had been taken. Airlines generally cannot be held liable for any losses incurred from delays caused by rerouting either.