Almost £50 million in ATOL-protected Refund Credit Notes has been redeemed since November, but £85 million is still unspent, with five months to go until the scheme runs out.

The Civil Aviation Authority is urging holidaymakers with unspent RCNs to redeem them by 30 September or risk losing the money altogether.

The ATOL protection applies to RCNs issued between 10 March 2020 and 19 December 2021 and the CAA says unspent ATOL-protected RCNs currently total over £85 million.

The CAA warns that, if a travel company goes bust after 30 September 2022, travellers with RCNs won’t be covered and could lose out on money that they have already paid.

Before 30 September, customers need to either make an ATOL-protected booking using their RCN or request a refund.

CAA Head of ATOL Michael Budge said: “As demand for travel continues to grow again, we want to make sure consumers are making the most of the financial protection available to them.”