If such is the case, you should contact the air carrier to be rebooked to another departure, or to have your ticket refunded. Rebooking will in most cases not be possible due to the current circumstances. You have the right to have a ticket refunded upon cancellation, which means that you’re not obligated to accept a voucher if the air carrier offers you such compensation.
However, you can choose to accept a voucher instead of having your ticket refunded. If you’re considering this, it would be advantageous for you to investigate which terms and conditions apply to the air carrier's vouchers, including what security you have if the air carrier goes bankrupt.
The air carrier will not be liable for other expenses you may have incurred from separate bookings, such as hotel/accommodation, rental car, etc. You should consult your travel insurance if you have one.