I had to wait a few months for refunds for last April's flights. However for the last 4 flights I had booked with Ryanair which were cancelled I received cash refunds or vouchers very quickly. Last flights cancelled December 22 and received their email with options. I didn't do anything until January 2nd. Had booked two separate legs and wanted one voucher and one cash back, (I wanted to see which I would get first). Had emails back within 24 hours confirming the voucher for one flight and also advising that cash would be back in account for other flight within 7 days. Funds credited to my account January 8th. I rang their contact number on each occasion and surprise, surprise, my call was taken very quickly by polite representatives. In all cases where I have telephoned and looked for refund / voucher I was very happy with outcomes - this to me is the reason I got such a quick response. Have re-booked flights for later in the year.
By the way, I do not take the option of changing flight as offered in the email cancellation advice. I always look for voucher/cash refund. The reason for this is that the price you will pay for the 'change' appears to be based on the normal fare. If you get refund/voucher you will be able to avail of offers.
Regards,
Martin