We should have been cruising around Italy with Tui end of this month.
Their policy is actually very clear, and reasonably fair in the circumstances I think, if people look it up rather than just listening to all the rumours and hearsay that is being circulated.
They will send a refund credit 4 weeks after your cancelled travel date which can be used (+20%) on a future holiday up until next October, or, exchanged for cash if not used in next 12 months.
If you don`t want to keep the credit for future use you can then ask them for the cash back straight away but this can take another 4 weeks due to the numbers of refunds and staff working.
BUT,,, if you don`t want to wait that long you can just ring them straight away as soon as your holiday is cancelled and ask for a cash refund.
This is what I did last week and it took ages and several goes to get through but I have already received some back to my credit card and the rest hopefully in another week or so as it`s got to come back via PayPal.