A cancellation fee would only be applicable for the passengers in case they are canceling the ticket after 24 hours of booking.
It totally depends upon the time frame in which the passengers are canceling their ticket, and the amount that would be refunded in the passenger's account.
For instance, if passengers are canceling the ticket after the 24 hours time frame and before 48 hours prior to booking then passengers can expect 90% of the refund amount in most cases. In case passengers are canceling their tickets 4 hours prior to departure of the flight then only 10% would be refunded in the original mode of payment or through which the transaction has been made depending upon the number of days banks take to complete the transaction.
Once the passenger's tickets have been canceled then the amount would be refunded in the original mode of payment or the mode through which the booking has been made.

How often does Copa cancel flights?
Copa Airlines Cancellation Policy says when it comes to flights getting canceled via Copa airlines then that frequency is minimal. However, there is something called Copa airlines cancellation compensation which is paid to the passengers if they have got the flights canceled due to some sort of unobvious reasons.