Wow, which operated budget flights from Gatwick and Stansted to Canada and the US via its Reykjavik base, published a statement on its website advising its customers to find flights with alternative airlines.
Several rival carriers are offering ‘rescue’ fares and Wow has promised to publish information on the special deals on its website when available.
Cash-strapped Wow began cancelling flights on Monday after failing to reach a rescue deal with rival Icelandair last weekend.
It had earlier sought an injection of US$75million from US private equity fund Indigo Partners in exchange for a 49% stake in the airline, but that deal also fell through.
The airline grounded all its aircraft on Thursday.
Wizz has said it will offer stranded Wow customers flights from Reykjavik to London Luton for £74.99 for travel until May 10, subject to availability. Bookings must be made before April 7.
EasyJet is offering flights from Reykjavik to Luton or Stansted for £110 until April 14.
Icelandair has also launched rescue fares for stranded Wow passengers. It is offering European flights for US$60 and flights to or from North America for US$100 for travel up to April 11.