If you cancel your ticket after 24 hours, you will be refunded less the cancellation fee. If you cancel your ticket within 24 hours of booking, you will receive a full refund without any cancellation fees.
Latam Airlines Cancellation Policy says Worst case airline canceled flight or flight delayed due to weather change or any technical component failure; then, in this case, you have the right to ask the airline for a refund without hesitation, and the airline will pay for it without delay You get a full refund.