FYI, (as I was not aware of this before), Virgin Atlantic policy for cancellations matches BA's.
While the official fee is $50 to cancel an award, that is only if the taxes on the award are $50+. If the taxes are less, you would just lose the taxes paid on the ticket, there is no further fee. So if you booked a Delta One for 50K from USA to Europe and paid $5.60, you would only lose the $5.60 if you cancel that award.